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China recommends lowering coal prices to help utilities decrease power prices

China's National Development and Reform Commission recommended coal producers drop local coal prices to help electric utilities deliver a power price cut, Bloomberg News reported May 28, citing people with knowledge of the matter.

The commission proposed the decrease after six large utilities asked for help from the government to lower raw materials costs. The agency aims to bring the benchmark coal grade to below 600 Chinese yuan per ton for miners.

China aims to decrease industrial and commercial users' electricity prices by 10% in 2019.

As of May 27, US$1 was equivalent to 6.90 Chinese yuan.