Coal news and updates

China coal prices dive 11% as Beijing plans to intervene to ease power crunch

China's thermal coal futures slid 11% on Friday, extending losses since Tuesday when they toppled off record highs after Beijing signalled it would intervene to cool surging prices to help electricity producers out of a widespread power crunch.

The most-active thermal coal futures on Zhengzhou Commodity Exchange, for delivery in January, tumbled to 1,412.8 yuan ($221.01) per tonne by 0932 Beijing time (0132 GMT) - down by 29% since Tuesday's all-time peak of 1,982 yuan per tonne.

Coking coal and coke futures on the Dalian Commodity Exchange were both trading around 3% lower on Friday morning evening, having fallen by the maximum 12% in day-time trade on Thursday.

China is pushing miners to ramp up coal production and increasing imports so that power stations can rebuild stockpiles before the winter heating season, but analysts say shortages are likely to persist for at least another few months.

The state planner, the National Development and Reform Commission (NDRC), said on Tuesday it was studying ways of intervening to lower coal prices and would take all necessary steps to bring them into a reasonable range.

Late on Thursday the NDRC said it has mobilised regional arms and key coal enterprises to survey coal output, distribution costs and prices.

Also late on Thursday, China's securities regulator said it would ask futures exchanges to raise fees, restrict trading quotas and crack down on speculation in response to high coal prices.