[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 614 yuan (about 95.04 U.S. dollars) per tonne Wednesday, down 3 yuan week on week.

Released by the Qinhuangdao Ocean Shipping Coal Trading Market Co. Ltd. every Wednesday, the BSPI is a leading indicator of China's coal prices.

Analysts said the continued decline in the price of power coal has led to strong bearish sentiment. Affected by factors such as high temperature, the recovery of coal consumption was slower than expected, resulting in the accumulation of coal stocks.

A startup called H2 Green Steel (H2GS AB) unveiled plans here on Tuesday to build a large-scale "green" steel production plant in the Boden-Lulea region in northern Sweden.

The company's fossil-free production process uses hydrogen rather than coking coal. The project is seen as necessary for Sweden to meet its 2045 deadline for carbon neutrality.

H2GS and the municipality of Boden, some 1,000 kilometers north of the capital Stockholm, have drawn up a letter of intent for the acquisition of a 500-hectare land area where the plant is to be built.

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• [Editor:kangmingfei]