China Coal Miners to Coordinate Output Amid Rally, Reports Say
- Mining companies’ officials met in Beijing to discuss prices
- China benchmark coal prices have surged more than 30% in 2016
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China coal miners have agreed to coordinate production to help stabilize prices, which have rallied this year amid efforts by the government to cut the nation’s overcapacity, according to reports from Shanghai Securities News and Caijing.
Major miners in world’s largest consumer and producer of the fuel signed an agreement on Thursday with the China National Coal Association to manage supply, according to the reports. The deal will see miners increase output when the market is tight and cut production when there is oversupply. Spot metallurgical prices have doubled this year, while thermal coal prices have risen 36 percent.