Prices of steam­coal fall as pur­chases dwin­dle

China Daily (Canada) - - BUSINESS -

The price of steam coal with 5,500 calo­ries at Bo­hai Rim re­gion was 525 yuan ($84.46) per metric ton this week, down 1 yuan per ton com­pared with last week, ac­cord­ing to the newBo­hai Rim Steam Coal Price In­dex re­leased by cq­coal.com, onWed­nes­day. That marks the first de­cline within four months, from Aug 27. The sharp fall of the most ac­tively traded con­tract TC1501 in the steam coal fu­tures mar­ket and un­cer­tainty within the steam coal fu­tures mar­ket lead to panic sell­ing of coal, ex­perts said. With con­sumer com­pa­nies re­duc­ing their pur­chases and in­ven­to­ries at the main ports ris­ing, many coal firms have been forced to cut prices, said traders.

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