Thursday, 21 October, 2021
E-paper

China coal prices hit record high

China coal prices hit record high

Popular News

BEIJING: China’s thermal coal prices surged to fresh record highs on Wednesday as recent floods in a key coal producing province worsened a supply crunch, just as new efforts by Beijing to liberalise power prices boosted demand from power generators.

China, the world’s largest coal consumer, has been grappling with a growing energy crisis brought on by shortages and record high prices for the fuel.

The government has taken a range of steps to boost coal production and manage electricity demand at industrial plants, while power producers and other coal users have been ramping up imports, report agencies.

Local governments in top Chinese coal producing areas Shanxi and Inner Mongolia have ordered some 200 mines to boost output, but incessant rain flooded 60 mines in Shanxi.

Four mines with a combined annual output capacity of 4.8 million tonnes remained shut, a Shanxi official told a press conference.