煤炭行业分析报告
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Thermal coal supply easing as expected...
Thermal coal supply has been easing in key exporting nations(Indonesia
and Australia),which is in line with our expectations.Meanwhile,China’s
coal inventory is at a historical high.We continue to expect the thermal
coal market to ease on various supply-side improvements which are
currently in progress(35%capacity expansion in Indonesia by end 2010E,
ramp-up of new NCIG coal terminal in Australia over 2010E-2012E).