* Chinese coal demand improved ahead of winter
* Demand pushed up coal prices in China
* China’s coal import dropped by 17.6% M-o-M
The Bohai Rim Steam Coal Price Index was up 1.7% from a week earlier to CNY 554 Metric Tonne (MT) on November 13, due to strong power demand and inventory pileup before winter.
Market experts are expecting that the index will not rise over CNY 570MT this winter, and forecast the coal price to drop again after winter in February.
China’s coal imports dropped 17.6% M-o-M to 21.21 MnT in October, the lowest level so far this year, according to customs figures. China imported 260 MnT of coal at an average price of USD 89.8MT during the first 10 months of 2013, up 17.3% and down 13.1% respectively from the same period of 2012.
China’s coke output grew 9.2% year on year to 40.26 MnT in October, the National Bureau of Statistics said.
The benchmark Qinhuangdao 5,500 kcal/kg NAR coal prices rose by a further CNY 5/MT to CNY 550 on November 6, marking the 4th consecutive week of growth (up by 6%, or CNY 30MT over the past month). Stockpiles at Qinhuangdao fell to 5.5MnT from a historic high of 6.5 MnT amid coal restocking for the coming winter.
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