SHIJIAZHUANG, June 3 (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 531 yuan (about 74.7 U.S. dollars) per tonne Wednesday, a rise of 1 yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.
Analysts said that the reasons for the narrowing of the index rise included a sharp decline in stocks at Bohai-Rim ports, a decrease in daily consumption of downstream power plants, and a cooling of market trading activities. In addition, the coal prices from large coal enterprises did not come out at the beginning of the month, resulting in a strong wait-and-see mood in the market.
The large stock gap in ports, coupled with the increase in the number of coal mines that have reduced production or stopped production, supported the weak upward trend in the price of thermal coal. The buyer's bargaining power was strengthened by the gradual decline in daily coal consumption in coastal power plants, which inhibited the upward movement of coal prices, according to analysts.
Released every Wednesday, the BSPI is a leading indicator of China's coal prices. Enditem