SHIJIAZHUANG, April 8 (Xinhua) -- China's benchmark power coal price fell by 11 yuan (about 1.42 U.S. dollars) per tonne 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 535 yuan per tonne Wednesday, a drop of 11 yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.
Analysts said thermal coal prices continued to fall as the imbalance between supply and demand in the coastal coal market grew. The weak market came amid a series of factors including the consumption elasticity lower than the supply elasticity and the mutual influence of spot and long-term agreement prices.
In addition, large coal companies have slashed their sales prices. With cost compression in various links, spot prices fell to the lowest level in nearly three years, and the bottom support of thermal coal prices moved down. All these factors have prompted thermal coal prices to fall further sharply, according to analysts.
Released every Wednesday, the BSPI is a leading indicator of China's coal prices.