The most-traded contract on Zhengzhou Commodity Exchange, for delivery in January , hit the lower daily trading limit of 14% and settled at 1,408.4 yuan a tonne.
"We're now seeing the fruits of China's supply response, as the government has given miners carte blanche to produce at full tilt - even permitting the relaxation of safety inspections in some cases," said Atilla Widnell, managing director at Navigate Commodities in Singapore. China has been pushing coal miners to ramp up output and hiking imports so that power stations can rebuild stockpiles before the winter heating season, but analysts say shortages are likely to persist for at least another few months.
Due to cold winds and rain, temperatures in most parts of central and eastern China are currently lower than normal, the National Meteorological Center said.Spot coal prices also hit the brakes after a week of daily increases as some of China's major coal producers vowed to cap thermal coal prices in the winter and next spring. Key coal transporting ports such as Qinhuangdao have also pledged not to hike prices.
Average coal stocks at key Chinese power plants this week stood at less than 80% of the level last year, data from China Coal Transportation and Distribution Association shows.
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