Of­fi­cial sees coal price fac­ing correction

China Daily (USA) - - BUSINESS -

The re­cent coal price surge in China was ir­ra­tional and un­sus­tain­able, an of­fi­cial said onMon­day, pre­dict­ing that prices would re­treat as sup­plies in­creased. There was no ba­sis for fur­ther rises in coal prices, as sup­plies, freight vol­ume and in­ven­to­ries had all re­bounded, an of­fi­cial with theNa­tional De­vel­op­ment and Re­form Com­mis­sion told Xin­hua. Coal stocks at five ma­jor ports in north China’s Bo­hai Rim re­gion have risen 47.5 per­cent from the lows of pre­vi­ous weeks to 15 mil­lion met­ric tons, while in­ven­to­ries at ma­jor power plants have in­creased 35.4 per­cent to 65 mil­lion tons, he said.

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