Global Largest Thermal Coal Exporter Supply Contracts, Coal Chemical Concepts Rise at Open, Jiangsu Shuopu Hits Daily Limit in Afternoon

(Source: Caixin)

As of the time of publication, the constituent stock Jinniu Chemical has hit the limit-up six times in 10 days, Jiangsu Sopo quickly surged and hit the daily limit in the afternoon, and Antai Group, Xinghua Shares, Lansi Heavy Equipment, and others also hit the limit-up. Shares of Jinneng Technology, China Nuclear Technology, Huachang Chemical, and Haohua Energy also followed the upward trend.

On March 13, the coal chemical concept opened higher and rose. As of the time of publication, the constituent stock Jinniu Chemical (600722.SH) hit the limit-up six times in 10 days, Jiangsu Sopo (600746.SH) rapidly surged and hit the daily limit in the afternoon, Antai Group (600408.SH), Xinghua Shares (002109.SZ), Lansi Heavy Equipment (603169.SH), and others also hit the limit-up. Shares of Jinneng Technology (600844.SH), China Nuclear Technology (000777.SZ), Huachang Chemical (002274.SZ), and Haohua Energy (601101.SH) also followed the rally.

On the news front, the US and Israel launched strikes against Iran, prompting Iran to block the Strait of Hormuz — a critical chokepoint for about 20% of global oil trade. As the conflict continues to escalate, energy market sentiment has been fully ignited. With the sudden escalation of military conflicts in the Middle East, the global energy supply chain faces severe challenges. Driven by this, thermal coal prices have soared to their highest levels in over a year.

Changjiang Securities estimates that if the Strait of Hormuz remains blocked long-term, global coal demand for power generation could increase by 84.86 million tons annually; if China’s coal chemical plants operate at full capacity, this alone could boost domestic coal consumption by nearly 50 million tons.

Additionally, as the world’s largest exporter of thermal coal, Indonesia has experienced an unexpected supply contraction. In January 2026, the country’s coal production fell nearly 30% year-on-year, hitting the lowest level since early 2022. Exports also declined simultaneously, especially to China, with a month-on-month decrease of 36.1%.

Huaxi Securities’ research report states that the main investment theme in 2026 will shift from technology to price-increase chains. From the SW primary industry perspective, in 2026, the leading sectors in growth will be oil and petrochemicals, coal, chemicals, and non-ferrous metals. Under the catalysis of geopolitical tensions, the price-increase chain market may continue to unfold. Due to geopolitical influences, the energy chain has a high certainty of price increases, involving related sectors such as oil and gas, coal chemical industry, upstream raw materials in chemicals, and shipping.