CHINA said Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contractual obligations, in its latest bid to tame prices that have hit record highs.

China’s top economic planner, the National Development and Reform Commission (NDRC), said it would investigate complaints that some energy information providers, including in the coal sector, had used false transaction prices, published “hearsay” information and “fabricated” price data, and had “manipulated price indexes.”

“As a result, the coal price has completely deviated from the fundamentals of supply and demand, seriously damaging the national and public interests,” it said.

The NDRC said it would check for compliance and would summon index providers, and would punish any irregularities with measures such as suspension of publication or inclusion on a blacklist.

It did not name any of the information providers.

Dozens of organizations provide coal pricing data in China, including the China Electricity Council and the China Coal Transportation and Distribution Association. Local consultancies such as Fenwei Digital Information Technology, and Yimei, a trading platform, also publish coal prices.

In September, authorities banned a coal trading firm from publishing daily prices and market news as part of efforts to regulate commodities markets and tame prices. (SD-Agencies)