China’s National Development and Reform Commission (NDRC) said the country’s coal supply has improved significantly thanks to increased coal mining output and stable prices.
According to the NDRC, since mid-October, China’s average daily coal production has reached over 11.5 million tons, at times reaching 11.7 million tons, the highest level in recent years.
China’s January 2022 price of thermal coal, the most traded on the Zhengzhou Commodity Exchange, has steadily fallen after the country took measures to prevent dominating speculation. market.
Closing the session on November 1, the price of thermal coal traded at 917.6 yuan/ton (about $142.95/ton), down 53% from the price of 1,982 yuan/ton in the October 19 session.
China’s October coal production reached the highest level in recent years. (Artwork: Reuters)
Against the background of improved coal supply, fuel stocks of key coal-fired power plants in China began to increase.
“In recent days, the daily coal supply to key coal-fired power plants has exceeded 8 million tons, sometimes reaching 8.32 million tons, the highest level ever,” the NDRC said. .
The commission hopes that the amount of coal in the warehouses of these power plants will exceed 110 million tons, enough to last 20 days.
Coal stocks at power plants in the northeastern provinces of Heilongjiang, Jilin and Liaoning have increased to more than 12.7 million tonnes, nearly double the levels recorded at the end of September, according to the NDRC. past, enough to use for 32 days.
In recent months, China has suffered from large-scale rotating power cuts, causing production activities to stall as local authorities ask businesses to minimize electricity use.
Chinese authorities are having a headache figuring out how to deal with the rising price of thermal coal as winter approaches.
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