Market Watch
The China National Coal Association said combined first-half profits for 90 major miners fell 8.8% from the same period last year. Yanzhou Coal had net profit of 2.83 billion yuan ($448 million) in the first six months of the year, down 43.7% compared to the same period last year. The company’s executive director, Wu Yuxiang, said the decline “was because coal prices slumped and we had overstocked inventories in the first half of the year.” Executives at Shenhua were optimistic expecting the macroeconomic situation at home and abroad to recover, and the industry to undergo restructuring and consolidation. Wu echoed this optimism, citing reduced inventories and limits on output.