China Basic Materials – Met coal: The tide is turning

ab 21 September 2026 Global Research Met coal: The tide is turning 26E total supply cut deepened to -3%; recovery to accelerate from Q4 We raise our estimate of 2026 domestic clean met coal output cuts to 38mt (from 15mt), reflecting slower-than-expected production normalization (Figure 1China m et coal and coke suply-dem and m odel). Since the May 22 mine accident, safety inspections and supply curbs have been materially stricter and broader than in previous cycles (Figure 2Shanxi suspended m ines;