Volume growth normalized: As expected, Daqin Railway’s coal throughputgrowth further normalized to 11.5% YoY in October 2017from a highercomparison base, down from 25.8% YoY in September 2017. Sequentially, the37.36mt volume remained largely flat vs. 37.39mt in September 2017, partlyhelped by a postponed maintenance period (October 25–November 15, 2017) vs.2016(October 9–28, 2016).
In the first ten months of 2017, Daqin’s aggregate coal volumes rebounded30.6% YoY, vs. -17.8% weakness in the same period of 2016.
Demand remained robust: Daqin’s normalizing coal throughput growth inOctober 2017was partly led by a higher volume base in October 2016, as thenegative demand growth reversed to 12.5% YoY.Average coal prices in October 2017still improved 1.3% YoY and 0.7% MoM, toRmb620.0/ton. Coal inventory at Qinhuangdao increased significantly at 60%YoY, to 6.89mt (+18% MoM).摩根士丹利亚洲有限公司