The high-quality coal capacity continuing being released in Xinjiang and Inner Mongolia in 2024 increases local coal output and helps offset coal supply decrease in Shanxi province caused by overproduction inspection, special rectification of hidden work faces and the governance of the Yellow River. China's domestic coal output maintains stable in 2024. The imports refresh record and are expected to surpass 510 million tonnes this year. In contrast, thermal coal demand is steady and its increment lags behind the growth of domestic supply and imports, leading to a balanced or slightly loose supply-demand fundamentals. In the context, thermal coal prices exhibit vague seasonal characteristics and fluctuate downward in 2024.