China coal prices plunge from record high as govt considers intervention

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BEIJING :China's coal futures fell 8per cent to their downward limit in night trading on Tuesday as the state planner said it was looking at ways to intervene and bring record high prices of the fuel back down to a 'reasonable range'.The most-traded thermal coal contract on the Zhengzhou Commodity Exchange, f

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BEIJING :China's coal futures fell 8per cent to their downward limit in night trading on Tuesday as the state planner said it was looking at ways to intervene and bring record high prices of the fuel back down to a"reasonable range".

The 8per cent drop in coal futures was the steepest plunge since August, although prices are still up some 260per cent year-to-date. On the Dalian Commodity Exchange, prices for steelmaking raw materials coke and coking coal fell around 9per cent. Chinese law allows the State Council, China's cabinet, and regional governments to limit profit rates and set price limits when prices for important goods or services rise sharply, the NDRC said, vowing to crack down on any irregularities and maintain market order.

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