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Yesterday Bloomberg reported that the benchmark price for Chinese power station coal with an energy content of 5500 kilocalories per kilogram was 495-505 yuan ($US79.90-81.50) per tonne last week, according to data from the China Coal Transport and Distribution Association.
“Prices, as of yesterday, are [the] lowest since December 2007,” the newswire reported on Monday.
Bloomberg further reported that coal stockpiles at Qinhuangdao were 7.15 million tonnes – down 192,000 tonnes since the previous week.
Amid this news China Coal Energy recently flagged that its first-half net income could fall by 65-75% year on year.
Meanwhile, Bloomberg reported that utility Korea Western Power had struck a deal for two 110,000t shipments of 6080kcal/kg Australian thermal coal at a price of just $US67/t free-on-board.
