SHIJIAZHUANG, Dec. 25 (Xinhua) -- China's benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China's major ports, stood at 551 yuan (about 78.8 U.S. dollars) per tonne Wednesday, a rise of one yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.
Analysts said that with the recent tightening of special safety rectification, the operating rate has obviously declined, leading to a rise in coal prices in the main coal-producing areas.
As the year-end approaches, traders were speeding up the delivery of goods to collect money. Transit ports were in a state of net transfer-out, and coal stocks have dropped significantly. In addition, the coal storage in major coastal power plants has dropped below 16 million tonnes. The coal market was lifted on positive sentiment, due mainly to recent inventory destocking trends.
On the whole, the short-term market presented a slow upward trend, but in January, downstream coal consumption will be gradually weakened. After the resumption of coal imports, the market is still inclined to be bearish, which limits the rise of coal prices, according to analysts.
Released every Wednesday, the BSPI is a leading indicator of China's coal prices.