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China caps spot thermal coal prices at RMB750/t
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Report summary
Wood Mackenzie has heard that Qinhuangdao port started to cap thermal coal prices for FOB 5500 kcal/kg coal at RMB750/t from 5 February, following a request from China's National Development and Reform Commission. Colder-than-normal weather in January has resulted in strong thermal coal demand and a subsequent increase in prices. Spot thermal coal prices for FOB Qinhuangdao 5500 kcal/kg reportedly reached RMB780/t recently. The price cap is a 25% increase on the RMB600/t upper limit set under the price management scheme the NDRC introduced in early 2017. This new limit suggests last year's scheme hasn't been as effective as hoped and further measures are required to stabilise the market. However, the new price cap may face similar challenges – especially where effective implementation is concerned.
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