Saturday, May 09, 2009
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Shanghai. May 8. INTERFAX-CHINA - The price of 6,000-kilocalorie per
kilogram (kcal/kg) Datong premium coal rebounded by RMB 20 ($2.93) per
ton over the first week of May to RMB 640 ($93.70) per ton on May 7 at
Qinhuangdao Port, China's largest coal trans-shipment port, China Coal
Resource Net reported.
A drop in coal stockpiles and an increase in power consumption over the
last two weeks in April helped alleviate market concerns that had kept
prices down over the same period, Chen Liang, a coal analyst with
Everbright Securities, told Interfax.
Coal prices had grown sharply over the first two weeks in April only to
plateau in the latter half of the month on concerns of weak demand.
At the end of April, coal stockpiles fell to 3.89 million tons at
Qinhuangdao, their lowest level since November 2006. Reports of
satisfactory sales statistics regarding the real estate and automotive
industries and rising steel and coke prices also contributed to the
increase in coal prices.
Chen also noted that Shenhua Group Corp., China's largest coal producer,
raised its May spot coal prices by between RMB 10 ($1.46) and RMB 15
($2.20) per ton. Rival Datong Coal Mine Group may also raise spot coal
prices by around RMB 15 ($2.20) per ton.
"The adjustment of spot coal prices was made on the basis of April's
coal market and will in turn influence the spot market price in May,"