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China's state planner urges utilities, miners to help ease rallying coal prices

China's National Development and Reform Commission ordered utilities to keep inventories at lower levels and told miners to slash prices in a bid to ease burgeoning coal prices, Reuters reported May 22.

The commission urged utilities to stop buying coal for the next two to three weeks and asked miners to bring spot coal prices back under 570 Chinese yuan per tonne by June 10. Physical coal prices are at 650 yuan per tonne, the report said, citing two sources familiar with the matter.

Miners were also encouraged to increase supplies under long-term contract by 200 million to 300 million tonnes.

Thermal coal futures prices fell for the third day on Tuesday to 610 yuan per tonne following the government announcement, the report said.

As of May 21, US$1 was equivalent to 6.38 Chinese yuan.