China: Thermal coal futures fall 12% w-o-w as govt ensures domestic supply

After rising sharply over the last two weeks, thermal coal futures on Zhengzhou Commodity Exchange have declined to RMB 810/t ($127/t) today, down by 12% w-o-w as the government ensured to further enhance domestic coal supply. Spot offers for domestic 5500 NAR were also heard in the range of RMB 1,550-1,650/t ($243-259/t), down by RMB 100-150/t w-o-w. The NDRC has planned to add coal capacity by 300 mnt per annum this year.