Weekly Monitor: Expiring Coal Mine Licenses in Shanxi to Keep Near-term Supply Tight

Research evidence excerpt

Weekly Monitor: Expiring Coal Mine Licenses in Shanxi to Keep Near-term Supply Tight

Update

July 24, 2026 11:17 AM GMT

Morgan Stanley Asia Limited+MGreater China Materials | Asia Pacific Rachel L Zhang

Equity Analyst

Weekly Monitor: Expiring Coal Rachel.Zhang@morganstanley.comChris Jiang +852 2239-1520

Chris.Jiang@morganstanley.com +852 3963-1593

Mine Licenses in Shanxi to Keep Hannah Yang, CFA

Hannah.Yang1@morganstanley.com +852 2239-7079

Near-term Supply Tight Cynthia Tang

Research Associate

Cynthia.Tang@morganstanley.com +852 3963-4360

Key Takeaways

Shanxi to ban the use of labor dispatch for underground mining; open-pit coal

mines would be barred from outsourcing core operations to third parties.

Henan province unveiled new measures to boost consumption and stabilize

foreign trade in 2H26, offering up to Rmb20,000 subsidy for vehicle purchases. Greater China Materials

Asia Pacific

Selective Shanxi coal mines suspended on expiring mining licenses; sxcoal Industry View Attractive

estimates c10 mines might be affected, with a total annual capacity of 38.45mnt.

The Zimbabwean government has rejected lithium miners' request to delay the

export ban originally set for January 2027.

Base metals: Shanghai copper prices rose 1.1% and inventories declined 30.6%

WoW. Shanghai aluminum prices inched down 0.1% and inventories decreased 4.4%

compared to a week ago.

Battery metals: Domestic industrial- and battery-grade hydroxide prices decreased

2.6% WoW and 2.4% WoW, respectively. Industrial- and battery-grade lithium

carbonate prices dropped 3.1% and 3.0% WoW, respectively.

Gold: Prices grew 1.8% WoW, to US$4,049/oz.

Steel: Shanghai HRC decreased 1.2% while CRC prices dipped 0.3% WoW. Shanghai

rebar prices edged down 0.6% while Tangshan billet prices decreased 1.0% WoW.