China’s Easing in Supply Restrictions will Dampen Coal Prices in 2017
Coal prices in China are set to record strong gains in 2016, with the benchmark Bohai-Rim Steam-Coal Price Index up 54% year-over-year to CNY 601 per tonne as of Nov. 23. We think the surging coal price is mostly driven by China’s supply-side reform, with the “276-working day†policy significantly reducing coal production. The government has introduced cooling measures to stem the coal price surge, and increased coal supply is expected to come on stream in December. While the peak heating season...
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