Qinhuangdao Port Group, currently the largest coal trans-shipment port in China, saw coal inventory jump more than 50% in just over two months to hit 8.71 million tons, 3 million tons more than normal and close to the 9 million-ton capacity, after the Chinese government's second round of caps on price of thermal coal, sources cited an official from the National Energy Commission as saying.
Spot market coal price has dropped by 10% after the government's cap of RMB 860 per ton on coal traded at Qinhuangdao was announced in late July to curb inflation and protect loss-making power producers, according to the report.
Industry analysts forecast the average spot market coal price in Qinhuangdao would rise 7.7% to RMB 840 per ton next year, after a 53.7% jump this year to RMB 780, and one-year contract coal prices would increase 10% to 15% next year.
Spot market coal price has dropped by 10% after the government's cap of RMB 860 per ton on coal traded at Qinhuangdao was announced in late July to curb inflation and protect loss-making power producers, according to the report.
Industry analysts forecast the average spot market coal price in Qinhuangdao would rise 7.7% to RMB 840 per ton next year, after a 53.7% jump this year to RMB 780, and one-year contract coal prices would increase 10% to 15% next year.