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New UserIt’s Terribly Hot in China, But Coal Prices Still Have Room to Fall
08 Jun 2023
Despite scorching
heat boosting power demand as fans and air conditioners get
switched on, Chinese coal hasn’t been this cheap in over two years — and it
could get even cheaper.
The
fuel used by power plants dropped this week to 772 yuan ($108) a ton at the
port of Qinhuangdou, its lowest since April 2021. The latest figures on supply
show domestic production running nearly
5% ahead of last year, while imports have risen a whopping
90%. Indicators, from elevated inventories to a contraction in
manufacturing activity, all point to souring demand as China’s economic
recovery stalls.