No change to China's benchmark power coal price

BEIJING - China's benchmark power coal price remained flat during the past week as increasing supply stabilized the market.

The Bohai-Rim Steam-Coal Price Index, a gauge of coal prices in northern China's major ports published weekly, stayed the same with a week ago at 578 yuan ($90) per ton, according to Qinhuangdao Ocean Shipping Coal Trading Market Co Ltd.

The index was 2 percent lower year-on-year.

The power coal price has been recovering since the end of November, when a seasonal demand rise ended price declines lasting for seven straight weeks. The market at present nears a balance as the government has rolled out policies to ensure supply.

China is in the middle of capacity cuts in coal and steel sectors. Last year's annual targets to slash steel capacity by around 50 million tons and coal by at least 150 million tons were fulfilled in August and October, respectively.