China Coal-Spot prices extend rise on higher demand
SHANGHAI, Dec 9 - Spot thermal coal prices in Qinhuangdao, China's top coal port, extended their rise during the past week, up 8 percent from a week earlier, as demand for the hydrocarbon increased.
Coal with calorific value of 5,800 kcal/kg (NAR) rose about 8 percent to 770 yuan to 780 yuan ($112.8 - $114.2) a tonne in the week to Monday, the highest since mid-November 2008, according to the Qinhuangdao Seaborne Coal Market (www.cqcoal.com).
Coal with calorific value of 5,500 kcal/kg was quoted in the range of 730 yuan to 740 yuan a tonne, up more than 7 percent from a week earlier, the website also said.
"Supply is stumbling to catch up with the rising demand," said Chen Liang, an analyst at Everbright Securities, naming bustling seasonal demand and tight transportation capacity as main reasons.
"The dry season also brings an end to the supply of cheap hydropower. As a result, the demand for thermal power is up."
Qinhuangdao port shipped out 4.9 million tonnes of coal so far this month, and received 4.5 million tonnes of coal, resulting in an 11 percent decline in Qinhuangdao's coal stocks from a week earlier to 6.5 million tonnes, said sxcoal.com, an industry data website. ($1=6.827 Yuan)
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