China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
On September 26, Zhou Fengqi, a consultant of the National Development and Reform Commission Energy Research Institute, said that the Chinese government will relinquish its control over the trading price of thermal coal.
However, the government will continue to regulate and monitor the trading price of thermal coal in the event of large price fluctuations.
According to the plans for reform, Zhou indicated that coal producers and power plants would sign a contract with a term of at least five years and will negotiate the price every year.
Zhou said that the average price of coal fell from CNY 800 per ton（USD 126.88 per ton） to CNY 600 per ton (USD 95.16 per ton). The price of coal will continue to decline as the Chinese economy continues to slow. Tags: Coal & Consumable Fuels
Source (Chinese): The Wall Street Journal China
