Chinese coal prices fall as supply rises to quell speculation
Source: www.chinamining.org Citation: Shanghai Daily Date: November 25, 2016
Chinese coal prices fell amid the government`s efforts to replenish supply to dampen speculation.
Coke prices on the Dalian Commodity Exchange lost 1.6 percent yesterday while coking coal prices fell 1.2 percent. The Bohai-Rim Steam-Coal Price Index, which tracks thermal coal prices in north China and is updated on a weekly basis, dived to a three-week low of 601 yuan ($87) per ton this week.
The plunge came as "the government`s intervention works," Zhao Menglin, an analyst at Qinhuangdao Ocean Shipping Coal Trading Market Co, told Shanghai Daily.
Shanxi Coking Coal Group signed long-term collaboration contracts with six major state-owned companies including Baosteel and Shougang Group on Tuesday, witnessed by officials from the National Development and Reform Commission.
Earlier this month, two major coal groups also signed long-term contracts with five power plants to provide fuel at around 535 yuan per ton.
The NDRC said the government would help stabilize coal prices in coming months. Coal prices had surged since the beginning of this year to way above the normal trend, according to Cui Yu`e, a steam-coal analyst.
The Bohai-Rim index rose to a 10-month high on November 2 at 607 yuan per ton, 60 percent higher than that at the start of the year.
About CHINA MINING
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Congress and Expo 2017 will be held at Meijiang Convention and Exhibition Center in Tianjin China in September23-25, 2017. We invite you to join the event and to celebrate the 19th anniversary of CHINA MINING with us. For more information about CHINA MINING 2017, please visit: www.chinaminingtj.org.
