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China coal prices now close to bottom

Coal News - Published on Sun, 13 Apr 2014

Reuters reported that Chinese coal prices are now close to their bottom after a long decline brought about by slowing demand and excess supply.

Mr Gong Qingchao head of sales and executive director with the China Coal Group said that "I think prices are bottoming out and are unlikely to fall a lot more given the sector-wide losses and rising costs."

Mr Gong said that about a third of China's coal miners were making losses in 2013 and a further fall in prices this year has meant that an estimated 80 percent of the total are in the red.

Tumbling prices, caused by weaker demand due to slowing growth in China and a flood of cheaper imports, have forced many smaller miners out of business, while a slew of majors, including Shenhua Energy and Yanzhou Coal, reported losses for their 2013 results.

Source – Reuters

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Posted By : admin on Sun, 13 Apr 2014
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