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China’s largest coal producer predicts price recovery

China’s largest coal producer predicts price recovery

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Coal prices in China are likely to rebound later this year as inventories decline and demand recovers along with the economy, the nation’s leading coal producer China Shenhua Energy said on Monday, SinoShipNews reports.

The domestic coal inventory, which had soared in May and June, has decreased to a "reasonable" level, the company said.

Coal inventories at China's seven major ports had fallen to 18.5m metric tons from 24m tons at the end of June; while inventories at power plants also reduced from 97m tons to 85m tons. Wang Jinli, deputy president of Shenhua said. Spot coal prices have increased by about RMB10 per ton, after stabilizing for three consecutive weeks, Wang continued, and there is room for coal prices to rebound in the second half too.

(Source: Portnews.ru)