Downward trend continues for China’s benchmark power coal price
China’s benchmark power coal price dropped slightly during the past week, continuing a downward trend.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 570 yuan (about 81.5 U.S. dollars) per tonne Wednesday, a drop of six yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.
Analysts said a number of factors have fed a downward trend of the index, including the influx of imported coal, increased bargaining power of low-daily-consumption power plants with high coal reserves.
Meanwhile, as confidence in coal trading plunged and bearish sentiment continued to rise, the downward momentum of coal market has been amplified, according to analysts.