SHIJIAZHUANG, Dec. 11 (Xinhua) -- China's benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in northern China's major ports, stood at 550 yuan (about 78 U.S. dollars) per tonne Wednesday, down 1 yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co., Ltd.
Analysts said that as the year-end approaches, coal mines that have largely completed their annual tasks have stopped or limited production in the main coal-producing areas. Most industries are in the stage of consuming inventory, resulting in low trading activity in the coastal coal market.
At present, the coal inventory of power plants is still at a high level, while the bidding for imported coal in 2020 has been opened successively, putting downward pressure on coal prices.
The price of the power-coal futures contract ZC2001 continued to decline, leading to a gradual rise in bearish sentiment in the coal market, according to analysts.
Released every Wednesday, the BSPI is a leading indicator of China's coal prices. Enditem
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