During the period before the National Day, the discussion about the situation of coal supply in northeast China this winter attracted attention. According to the analysis of relevant insiders, the gap between supply and demand will be around 37 million tons. According to the National Bureau of Statistics, the decline in China's raw coal production narrowed from January to August, with 2.45 billion tons coal produced, down 0.1% year-on-year. Among the major coal-producing provinces, Shaanxi, Xinjiang and Shanxi saw a large increase in raw coal output, while Inner Mongolia saw a large decrease in raw coal output. In Heilongjiang, Liaoning and Jilin provinces, which are close to Inner Mongolia, raw coal production also declined. In terms of imports, China imported 220 million tons of coal from January to August, up 0.2% year-on-year. All in all, since the beginning of this year, affected by the COVID-19 epidemic, China's economic development and power demand growth have faced great difficulties. However, with the gradual weakening of the impact of the epidemic and the gradual strengthening of counter-cyclical adjustment of macro policies, the growth rate of electricity consumption has picked up month by month, and normal economic and social order has been restored at an accelerating pace. Since May, coal production and import volume have decreased due to multiple factors such as coal mine safety inspection and tight coal import policy, resulting in a scissors gap between thermal coal supply and demand. The market situation is relatively complex, which brings great pressure to the smooth operation of the thermal coal market. According to the analysis of industry institutions, for the fourth quarter, although production is limited in winter, industrial coal consumption will decline seasonally. However, with the expectation of a stronger La Nina winter, heating demand will further drive demand for thermal coal and civilian coal. Against the background of accelerating the formation of a new development pattern of "dual cycles", the demand for anthracite coal has maintained an overall growth trend and the price is stable but relatively strong. At present, the coal supply in Ordos and other major production areas will continue to be tight. Even if there is the possibility of an increase in production in the later period, the coal supply and demand will be tight in winter heating.