CHN Energy ups Nov term contract coal prices by 13-18yuan/t

China Energy Investment Corporation ,also known as CHN Energy, raised its monthly contract prices of thermal coal for November delivery ,market sources said , the third straight upward adjustment.

The largest coal miner in China raised November monthly term price for the benchmark (5,500Kcal/kg NAR) outsourced thermal coal by 17yuan/t from a month ago to 641yuan/t, while that for 5,800Kcal/kg NAR coal produced from the third parties rose 18 yuan/t to 676yuan/t, both on FOB with VAT.

It is another hike of term contract coal prices following large producers’ joint lifts since October

Entering November, spot thermal coal prices bounced back at northern ports, supported by large miners’ upholding prices and the demand pickup in winter heating season .However,many participants expect the upbeat may hardly last for long.

An analyst also ruled out possibility of sharp rises in the near term, saying coal prices are less likely to reach the high of 770yuan/t FOB for 5,500Kcal/kg NAR coal recorded in February this year.

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