China’s National Development and Reform Commission (NDRC) has set a benchmark price for annual contracts at RMB 675/t ($92.85) for 2023 and has asked producers to finalise deals for medium and long-term contracts. The new price cap is in line with the earlier target of RMB 570-770/t. The price has been set over a 55% discount over the domestic spot price of RMB 1,605/t earlier this month.
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