[Ferro-Alloys.com] China's benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in northern China's major ports, stood at 542 yuan (about 77.72 U.S. dollars) per tonne Wednesday, down four yuan week on week, according to the Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd.
Analysts said there was a bearish sentiment in the market due to ample supply and weaker demand.
Increases in power coal production and supply led to higher inventories at three ports around the Bohai Sea while purchases from the downstream industries slowed down, analysts said.
Released by the Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd. every Wednesday, the BSPI is a leading indicator of China's coal prices.
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