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China National Coal Association Will Continue to Limit Production and Reduce Imports in Q4

China Financial and Economic News reported that, according to China National Coal Association, the coal industry in China continues to suffer hardship. Currently close to 70 percent of the coal enterprises have to make pay cuts and 30 percent of the coal companies are in arrears on paying wage. With 300 million tons of coal in their inventory on hand, the Association said it will continue to limit production in Q4 in order to bring the coal price back up, hopefully by 20 percent. The association also proposed to reduce coal imports by 20 million tons in the 4th quarter of 2014. According to the statistics, coal production in the first 8 months of 2014 was 2.5 billion tons, down 1.44 percent from the same period in 2013; sales were 2.4 billion tons, down 1.62 percent from the same period in 2013.

Source: China Financial and Economic News, September 22, 2014