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China's thermal coal futures slip on abundant utility supply

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China's thermal coal futures slip on abundant utility supply

China's most active thermal coal futures slipped 2.7% to 587.2 yuan per tonne Aug. 14, after it hit a record high of 613 yuan per tonne last Friday as utilities were ordered to restrict purchases amid high stockpile levels, Reuters reported, citing a coal futures trading manager.

As of Aug. 14, coal inventory at Qinhuangdao port climbed to 5.795 million tonnes, from 5.415 million tonnes two weeks ago, the report said.

Coking coal prices also slid 2.7%, to 1,303 yuan Aug. 14, after reaching a record 1,376 yuan a tonne Aug. 11.

Despite this, analysts and producers still project a tight market for the third quarter, as power utilities are expected to boost stock to meet winter demand in September.

As of Aug. 14, US$1 was equivalent to 6.67 Chinese yuan.