China coal prices claw back after Beijing signals pacing down price drive

BEIJING (Reuters) -China thermal coal futures rebounded nearly 9% on Wednesday after falling for 10 straight days, as the government indicated to pace down price intervention at a meeting earlier in the day, traders said.

Traders took cue from a meeting earlier on Wednesday as the country’s top economic planner, the National Development and Reform Commission, told miners and power plants at a web-based conference that prices should not fall too much too fast, several traders with knowledge of the meeting told Reuters.

The planner stressed that prices in the long-run shall remain at a “reasonable” level.