Bloomberg reported that Chinese power plants have turned to individual long term agreements with coal producers to secure supplies after an annual meeting between coal buyers and sellers failed to take place on time.

As per report, a power plant owned by State Development & Investment Corporation will buy coal with an energy value of 5,500 kilocalories a kilogram at CNY 500 a tonne from Shenhua Group Corporation.

The supply deal will last 3 to 5 years and prices are allowed to move 20% in either direction.

(Sourced from www.bloomberg.net)