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Bloomberg reported that declining industrial demand and signs that the economy is slowing have pushed Qinhuangdao coal with an energy value of 5,500 kilocalories per kilogram down to a range of 560 to 575 yuan per metric ton, its lowest level in four years.
Bloomberg reported that declining industrial demand and signs that the economy is slowing have pushed Qinhuangdao coal with an energy value of 5,500 kilocalories per kilogram down to a range of 560 to 575 yuan per metric ton, its lowest level in four years.
As quoted in the market news:
‘We see weak demand from industrial users in the first half-year, especially from heavy industrial sectors, who are major coal users,’ Helen Lau, a Hong Kong-based analyst at UOB-Kay Hian Ltd., said by phone. ‘As the economy further weakens, we expect coal prices could go as down as 550 yuan a ton for the second half-year.’
China’s coal demand rose 1.8 percent in the first six months of 2013 to 1.93 billion tons, the China National Coal Association said in a statement on July 18. The gain was 1 percentage point down from the same period last year and 7.6 points lower than in 2011.