China's thermal coal market will rebound in late September as the country's economy recovers, boosting demand, said the head of Yanzhou Coal Mining Co, the nation's fourth-largest coal producer, on Friday.
"China's economy is strengthening, so we expect that the demand will start increasing at the end of the third quarter this year," Li Weimin, chairman of the company, said in Sydney on Friday at an investor briefing for Yanzhou-controlled Yancoal Australia Ltd, listed on the Australian stock exchange, according to Bloomberg.
He said the thermal prices will stabilize in September.
"Coal prices are hitting the bottom and we are waiting the rebound," he added.
Shandong-based Yanzhou Coal Mining Co is the key energy group in the province. Amid falling coal prices and weak demand since March, the company realized total revenue of 45.2 billion yuan ($7.2 billion) in the first half, up 4 percent year-on-year.
The company aims at reaching total coal output of more than 100 million tons with revenue of 100 billion yuan this year, according to the company.
