One of those news days that will confuse some people: China's coal "output" (mining) grew 1.2% y/y to a record high in 2025, but "output at coal plants" (burning it in power plants) fell 1%, so stockpiles grew and prices fell. https://www.bloomberg.com/news/articles/2026-01-19/china-s-coal-output-hits-record-in-2025-even-as-it-burns-less?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTc2ODg1MTA3NCwiZXhwIjoxNzY5NDU1ODc0LCJhcnRpY2xlSWQiOiJUOFhRS1hUOU5KTFQwMCIsImJjb25uZWN0SWQiOiJGM0VENDU5NTZFRjA0QjY5QTI0NTVBNTYxRDkyNkY5NiJ9.Kuotabz9oubXnYon0iNIO5iliHzVVt3rkBMNpY16dqM
Power demand hit a new peak but all of the growth was met by renewables. https://www.reuters.com/sustainability/climate-energy/renewables-push-chinas-fossilfuelled-power-into-first-annual-drop-10-years-2026-01-19/