GC Newcastle coal futures recovered some ground to near $160 per metric ton in late November, amid increasing demand from Europe as gas prices remain elevated and coal plants remain significantly more profitable than gas plants and as production curbs in China seem to start easing. China’s daily coal output has stabilised at 12 million tonnes and stocks at power plants hit 129 million tonnes as of November 14th and are expected to hit 140 million tonnes by the end of November, according to state media CCTV.

Still, coal prices remain more than 40% below its record level of $269.5 reached on October 5th as output hit multi-year highs in China. Since July, China has approved expansions at more than 153 coal mines, aiming to end a power shortage and lower record prices.