Prices of steamcoal fall as purchases dwindle
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.