China’s coal miners have been on a tear. Contract pricing has just been deregulated and shares of its industry leaders are up a fifth on average in just over a month – outperforming even Shanghai’s broad-based market rally. Given the supply and demand situation, however, the gains do not add up.
近來，中國煤礦商的形勢相當不錯。合同定價管制剛取消一個多月，煤炭行業領先企業的股價就平均上漲了五分之一，跑贏上海股市大盤漲幅。但考慮到目前的供求狀況，此輪上漲行情的理由并不充分。
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