October 22, 2021
China's top economic planner, the National Development and Reform Commission (NDRC), on Tuesday vowed to bring coal prices back within a reasonable range to cope with the prevalent large-scale power shortages in the country.
In a statement, 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. The main contracts of thermal coal-related futures in China plunged over 8 percent after the news.
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, the NDRC officials also held a meeting with major energy and electricity suppliers, including China Railway, PetroChina, Sinopec and the State Grid.
(Sources: China Report)
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