China's benchmark power coal price dropped during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in northern China's major ports, stood at 578 yuan (about 89.47 U.S. dollars) per tonne Wednesday, a drop of 36 yuan week on week, according to the Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.
Analysts said the decline of coal price in Bohai Rim region continued to expand due to the drop of the annual long-term contract price.
From the perspective of market price game, the demand recovery after the Spring Festival holiday was weaker than expected, and the inventory of northern ports moved down slowly, contributing to the price drop.
Released by the Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd. every Wednesday, the BSPI is a leading indicator of China's coal prices.
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