THE National Development and Reform Commission (NDRC), China’s top economic planner, has vowed to bring coal prices back within a reasonable range to cope with the power crunch in the country. In a statement Tuesday, it said it will make full use of all the necessary means stipulated in the Price Law to adopt intervention measures. The NDRC also vowed to crack down on unusual transactions and speculations on thermal coal. Coal prices in the country have hit record highs, pushing up production costs in downstream industries and adversely affecting power supply and winter heating. On the same day, NDRC officials held a meeting with major energy and electricity suppliers, including China Railway, PetroChina, Sinopec and the State Grid. In a separate statement released after the meeting, the NDRC said it will strengthen supervision of the futures and spot markets of coal, punishing abnormal transactions and speculations to maintain the capital market order. According to the NDRC, preliminary results have been achieved in ensuring the coal supply and stabilizing the price in the country. Some of China’s major coal producers vowed yesterday to cap thermal coal prices this winter and next spring. China Energy Group and Shanxi Jinneng Holding Group, the No.1 and No.8 coal miners by production in the country, have said they will drive up output and guide prices back to a “reasonable range.” Some other coal miners in China’s top coal mining regions of Shanxi and Inner Mongolia are also rolling out a similar price cap plan, Reuters quoted two sources as saying yesterday. (SD-Agencies) |