The most-active thermal coal futures on Zhengzhou Commodity Exchange, for delivery in January, tumbled more than 8%, but recovered some losses to be down 5.2% at 1,335 yuan per tonne by 0329 GMT. The contract was down more than 32% since Tuesday's record of 1,982 yuan per tonne.
The NDRC said it will urge upstream and downstream coal companies to sign mid- and long-term contracts for power and coal and "give full play to the medium and long-term coal contracts to stabilize the market" in yet another measure by Beijing to boost supplies and cool prices.[nL1N2RL025] China, the world's top coal miner and consumer, must consider food and energy security when curbing emissions, its cabinet said on Sunday, ahead of a new round of global climate talks in Glasgow starting on Oct 31.
Climate watchers were hoping the world's biggest emitter of greenhouse gases could be persuaded to start cutting coal consumption earlier than its current target of 2026, but severe energy shortages have put the government under pressure to step up production of the fuel.
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