SEHK:1898Oil and Gas
Does November’s Coal Slump and Chemical Surge Reshape the Bull Case for China Coal Energy (SEHK:1898)?
In November 2025, China Coal Energy reported a year-on-year 15.7% decline in commercial coal sales volumes, alongside weaker coal production, while its ammonium nitrate operations recorded very large growth in both output and sales.
This contrast highlights how the company’s growing chemicals segment is becoming more important as coal volumes respond to changing market conditions and operational pressures.
We’ll now examine how November’s coal volume decline, despite strong ammonium...