Bloomberg reported that coal prices at China’s Qinhuangdao port rose for the 8 straight weeks on winter heating demand.
According to data published by the China Coal Transport and Distribution Association, the price of coal with an energy value of 5,500 kilocalories a kilogram gained 0.8% to between CNY 630 and CNY 650 in the week ended November 9th 2009 compared with assessments in the previous week.
An industry association said that stockpiles at the country’s largest coal port rose at the fastest daily rate in 3 months in the week to October 30th 209.
Customs data showed that China increased coal imports by 7% in September compared with August to meet rising domestic consumption following an economic recovery.
Mr Wang Ye the chief coal analyst with Citic Securities Limited said that “The price increase is all seasonal. We’re heading into the peak period for winter heating and the hydropower plants can’t produce much.”
(Sourced from Bloomberg)
