Chinese Coal Titan Shenhua Cashes In on Record Price Surge
- Shenhua Energy’s net income climbs 21% in first nine months
- Chinese government is urging miners to increase production
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China’s biggest coal miner is profiting handsomely from record prices, as producers of the fuel benefit from an energy crisis that’s shuttered factories in the country and threatens global economic growth.
China Shenhua Energy Co.’s profit soared after it boosted output of the nation’s mainstay fuel. A shortage of coal has led to curtailments to industrial customers, and power plants are desperately trying to build stockpiles ahead of winter. The ensuing price rally turned so hot that the government intervened, leading to a sharp decline in coal futures this week.