China's benchmark power coal price inches down

 
China's benchmark power coal price dropped slightly during the past week as a large amount of imported coal is about to enter the market and domestic inventory remains high.
 
The Bohai-Rim Steam-Coal Price Index, a gauge of coal prices in northern China's major ports, stood at 569 yuan (around 82.91 U.S. dollars) per tonne, down from 570 yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.
 
The price was also 1.39 percent lower than that of the same period a year ago.
 
Analysts said the power coal price was under pressure and market expectations stayed bearish.
 
Renewed customs clearance quota for coal imports in 2019 will unleash abundant supplies from abroad, and coal stockpiles in coal-fired plants, although likely to fall below 16 million tonnes soon, were still substantially higher than a year ago.
 
China is in the middle of capacity cutting in its overloaded coal sectors.