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China tightens control on runaway coal prices: govt
Beijing (AFP) July 25, 2008 Beijing has issued its second order in five weeks to rein in the rising cost of coal used for power generation, after prices increased following the first directive. The National Development and Reform Commission, the top economic planning agency, issued a statement on Thursday, ordering prices at major ports and distributing centres not to exceed the limits set by the government. Thermal coal prices actually rose by 22 percent from the levels set by the government when the first cap was announced on June 19, leading Beijing to issue the second order, the Beijing News reported. For example, the price cap of thermal coal at the Qinghuangdao port in north China was set at 860 yuan (126 dollars) per tonne in June, the statement said. But prices at the port now stand at up to 1100 yuan per tonne, the Beijing News said. It said thermal coal prices continued to rise despite the government launching the curbs in June because private coal producers ignored the order as transport costs remained high and demand in summer surged. A general shortage in coal supply across the country had further undermined the policy. Officials said in June that the country was expecting a maximum daily power shortage of 10 million kilowatts in summer, when demand spikes as a result of the increased use of air-conditioning. Community Email This Article Comment On This Article Share This Article With Planet Earth
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