China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 577 yuan (about 81.3 U.S. dollars) per tonne Wednesday, a drop of one yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.
Analysts said that as the port market entered its traditional off-season, coal stockpiles at northern ports were once again climbing upward, undermining downstream purchasing intention.
Meanwhile, control measures on coal import were less stringent than expected, and the import increment had an impact on the supply of coal for domestic trade.
Under the background of power-pricing reform, power plants had a strong desire to force prices down, which led to the rising bearish sentiment in the market, according to analysts.News Source: Xinhua