China's benchmark power coal price edges down
BEIJING - China's benchmark power coal price went down slightly during the past week due in part to high inventory in coal-fired power plants.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal prices in northern China's major ports, stood at 570 yuan ($82.77) per ton on Tuesday, down from 571 yuan a week ago, according to Qinhuangdao Ocean Shipping Coal Trading Market Co Ltd.
The index was also 1.21 percent lower than that of the same period a year ago.
Despite robust daily consumption, coal stockpiles remained at a high level. On Wednesday, six major coastal power plants saw a total of 16.92 million tons of coal inventory, up nearly 6 million tons year-on-year.
Analysts also pointed to growing bearish sentiments on coal prices and a gloomy global market.
The country is in the middle of capacity cutting in its overloaded coal sectors, with plans to reduce a further 150 million tons of capacity this year.
