China coal prices dive 13% as Beijing plans to intervene to ease power crunch
China’s thermal coal futures tumbled 13% on Friday, extending losses since Tuesday when they came off record highs after Beijing signalled it would intervene to cool surging prices to help electricity producers out of a widespread power crunch.
The most-active thermal coal futures on Zhengzhou Commodity Exchange, for delivery in January, tumbled to 1,380.8 yuan per tonne by 1106 Beijing time (0306 GMT) – down more than 30% since Tuesday’s all-time peak of 1,982 yuan per tonne.
