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 545 yuan (about 78.42 U.S. dollars) per tonne Wednesday, a rise of 4 yuan week on week, according to Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.

Analysts said the purchase demand for the coastal coal spot market has been weak and the wait-and-see sentiment was strong, which led to the spot price decrease. However, the rise of coal price and the substantial increase of coal trading proportion for the long-term agreement pushed up the price index.

At present, the long-term agreement coal price still has a price advantage of about 20 yuan per tonne compared with the market coal price. The proportion of the long-term agreement coal in the trading volume of the northern market in this period has increased significantly.

Released by the company every Wednesday, the BSPI is a leading indicator of China's coal prices.