China’s top economic planner sends supervisor groups to stablize coal market

China’s National Development and Reform Commission (NDRC) and the National Energy Administration sent supervisory groups to firms and ports in multiple provinces to stabilize the power market and enhance the country’s major strategy of ensuring power security, according to a notification published on the official website of the NDRC on Tuesday.

The supervisory groups are focusing on coal enterprises and inspect the increasing coal production, construction condition of signed production programs and middle and long-term contracts of steam coal. The pricing of coal production, transportation and trading have also been put under supervision.

The supervisory groups vowed to punish illegal acts including spreading false information, speculation on coal prices and hoarding. The supervisory groups will also discuss with responsible government departments about any difficulties in releasing advanced power capacities, and make sure coal supply matches the demand of markets across China.
Source: Global Times