China's benchmark power coal price edges up

China's benchmark power coal price rose slightly during the past week.

The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China's major ports, stood at 553 yuan (about 80.3 U.S. dollars) per tonne Wednesday, a rise of one yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.

Analysts said that as the Spring Festival approaches, a number of factors have fed a slight rise in the index, including increased mine shutdowns, continuing low railway freight volume, and a decline in spot coal available for sale at ports.

Given the inventory replenishment in later period, there is still room for coal demand to grow, although the consumption of downstream power plants will fall into a low ebb during the Lunar New Year holiday, according to analysts.

Released by the Qinhuangdao Ocean Shipping Coal Trading Market Co. every Wednesday, the BSPI is a leading indicator of China's coal prices.