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Coal trade to be based on longer contracts

CCTV.com

12-01-2016 16:37 BJT

China's 10 major coal producers on Thursday signed a variety of medium- and long-term contracts with customers ranging from fire plants to steel producers during the National Coal Trade Fair.  

The new model of medium- and long-term contracts aims to keep coal prices within a stable range. Coal prices have recovered since touching a low at the beginning of this year.

Analysts say the recovery has largely come on the back of China's effort to reduce overcapacity in the sector.

Data from the China National Coal Association estimates that coal consumption this year will be 50 million tons less than in 2015.

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