CHINA’S thermal coal futures fell for a fourth day yesterday, extending losses since last week when they cooled from record highs after the government said it would intervene to tame prices.

The most-active thermal coal futures on the Zhengzhou Commodity Exchange, for delivery in January, tumbled more than 8 percent, but recovered some losses to close down 7 percent at 1,305.6 yuan (US$204.5) per ton.

The contract was down more than 34 percent from Tuesday’s record of 1,982 yuan per ton.

Thermal coal futures were up more than 150 percent year-to-date.

The National Development and Reform Commission (NDRC) yesterday urged coal firms to strictly perform their contractual obligations and asked firms to strengthen the credit supervision of medium and long-term contracts.

China, the world’s top coal miner and consumer, must consider food and energy security when curbing emissions, the State Council, or cabinet, said Sunday, ahead of a new round of global climate talks in Glasgow starting Oct 31.

China is pushing miners to ramp up coal production and is increasing imports so that power stations can rebuild stockpiles for the winter heating season, but analysts say shortages are likely to persist for at least another few months.

The NDRC has taken a slew of measure and has said it was studying ways to guide prices back to a “reasonable range” and to crack down on “excessive profits” at coal firms.

China’s securities regulator has asked futures exchanges to raise fees, restrict trading quotas and crack down on speculation in response to high coal prices. (SD-Agencies)