Yanzhou coal 2013 annual results better than market expectations, coupled with the market for thermal coal prices rise, support its share price rise 3. Coal prices in fact has not yet bottomed.

Last week the Bohai 5500 kcal coal comprehensive average price per ton closed at 533 yuan, 1 weeks ago, a decline of 5 yuan, is the tenth consecutive decline, the cumulative decline of up to 98 yuan.

However, some forward-looking indicators are improved, such as port and power plant inventory, as well as the coastal coal freight. As of March 24th, Qinhuangdao coal stocks in Hong Kong has dropped to 6320000 tons, 2.5% less than in March 21st, the lowest level in 2 months; coal inventory Jingtang Port will drop to 4000000 tons, or nearly 7%.

Power plant inventory, as of March 10th, key power plant coal inventory days available for 18 days, compared with 2 at the end of the 22 day, dropped significantly.

This year, Datong Qinhuangdao railway spring overhaul is tentatively scheduled for April 6 to 30 days, 3 hours every day maintenance, a total of 25 days. Last year the autumn repair a total of 20 days, the period of Qinhuangdao port coal stocks decreased by 16%. By the spring inspection, is expected in the future, the port inventory will decline further.

Coastal coal price rise for 5 weeks, as of March 21st, Shanghai shipping exchange China coastal coal freight index rose to 957.77, mainly because of the steam coal prices fell, domestic procurement of coal power plant to aturned positive, that is expected to short-term coal prices to rebound.