read moreĬhina's coal output is rising after some 153 mines received approvals to expand capacity. Key coal transporting ports such as Qinhuangdao have also pledged not to hike prices. Spot coal prices also hit the brakes after a week of daily increases as some of China's major coal producers vowed to cap thermal coal prices in the winter and next spring.
"It is of the utmost importance to rein in coal prices as they will pose a threat to people's daily lives when winter sets in."ĭue to cold winds and rain, temperatures in most parts of central and eastern China are currently lower than normal, the National Meteorological Center said. There should be "zero tolerance to the hoarding of coal", the newspaper added. The NDRC "has concluded that the unbridled soaring of coal prices is partly driven by those hoping to hit the jackpot by taking advantage of the power supply falling short of actual need", Chinese state media outlet China Daily wrote on Thursday. On Friday, the NDRC said it held a meeting with large state-run companies including oil refiner Sinopec, aluminium giant Chinalco and steelmaker China Baowu on "rational" energy usage by industry on Thursday and said they should take the lead in energy-saving and carbon reduction.
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read moreĬhina's state planner, the National Development and Reform Commission (NDRC), has put out several statements since Tuesday night that it was studying ways to guide prices back to a "reasonable range" and to crack down on "excessive profits" at coal firms. On Friday, President Xi Jinping said China will make efforts to ensure the stable supply of coal and electricity for economic and social use and also called up more exploration and development of oil and gas, state media reported. Investors get vertigo on signs of government intervention in thermal coal pricesĬhina has been pushing coal miners to ramp up output and hiking imports so that power stations can rebuild stockpiles before the winter heating season, but analysts say shortages are likely to persist for at least another few months.
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