China's benchmark power coal price fell by five yuan per tonne 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 530 yuan per tonne Wednesday, a drop of five yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.
Analysts said that in the coastal coal market, strong supply and weak demand for thermal coal has been unchanged. The rising coal stocks at ports and the sluggish demand for domestic coal have led to a deep drop in coal prices.
The supplementary effect of imported coal was still strong, impacting the demand for domestic coal, but the price advantage was obviously reduced. China imported 95.78 million tonnes of coal in the first quarter, up 28.4 percent year on year, according to the latest data from the General Administration of Customs.
The futures prices and the shipping prices of thermal coal were both weak, leading to a strong bearish sentiment in the market, according to analysts.
Released every Wednesday, the BSPI is a leading indicator of China's coal prices.
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