Coal news and updates

China Coal Weekly: Prices Keep Rising

China's coal inventory at 6 coastal independent power producers fell to 17.9 days from 18.7 in the week through November 18, 2013. Coal inventory in Qinhuangdao fell 13.4% week on week to 4.8 million tons, the lowest level since October 2011.
The price of 5,500kcal coal rose 4% week on week (20 yuan) to 590 yuan/ton in Qinhuangdao in the week through November 25, 2013, with stockpiles there falling to 5.7 million tons, due to winter restocking and supply delays. It was the largest week on week increase since May 2011. According to JPMorgan's channel checks, coal miners are generally hopeful of higher prices into January as small mines take time to restart production and as domestic miners intentionally keep supplies tighter to gain the upper hand in the annual coal contract talks scheduled on December 15.
China's coal imports rose 17.3% year on year to 263 million tons in the first 10 months of 2013, customs figures show. Domestic coal production fell during the same period, the National Development and Reform Commission said, without giving exact numbers.
15 Chinese coal producers are planning to set up a bank to serve the coal industry, the Securities Daily reported. The bank will use coal reserves as guarantee for depositors.
The prices of 5,500kcal steam coal in the Bohai Rim averaged 565 yuan/ton between November 13 and November 19, 2013, up by 11 yuan from the previous 7-day period. It was the 6th straight week of price gain.

Source: www.thechinaperspective.com