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NDRC orders coal firms to keep prices stable

2010-06-28 15:41

China's National Development and Reform Commission (NDRC), the country's top economic planner, ordered coal companies to maintain stable prices and follow the agreed prices in their annual coal supply contracts, Beijing Times reported Monday, citing sources with coal giants.

Coal companies that have already raised prices were asked to roll them back before the end of June, sources with Shenhua Group and China National Coal Group Corp said.

Echoing NDRC's requirement, Shenhua said it would not adjust coal prices anytime soon, and keep prices in the annual supply contracts.

NDRC called for stable coal prices because the country faces the "heavy" task of managing inflation expectations, and coal meets 70 percent of the country's energy needs.

China's benchmark coal prices at Qinhuangdao, the country's largest port for the fuel, were at high levels recently, the paper said.

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