China may limit coal prices to ease energy crisis

China is considering setting new limits on movements in coal prices that could help ease the nation s energy crisis, but would threaten to curb profits in the sector.

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The National Development and Reform Commission is studying plans for a price formation mechanism to guide the long-term stability of coal prices in a reasonable range, the top economic planning agency said Tuesday in a statement. Officials are already carrying out work to assess average production costs and help set a benchmark rate.

Prices of physical coal cargoes and futures contracts surged from around the start of last month as China began to experience power shortages that have impacted key industries and risk crimping growth. Action by authorities to boost those gains, and to help miners boost supply, have had an impact, with futures tumbling by about a third in the past week.

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The most-active thermal coal contract on the Zhengzhou Commodity Exchange fell as much as 7.6% as of 10: 02 a.m. local time Tuesday to 1,207 yuan $189 a ton, the lowest intraday price in almost a month.

Prices could remain elevated throughout the rest of the year with inventory levels still low and peak winter demand approaching, before correcting in the first quarter of 2022, Morgan Stanley analysts including Sara Chan said in a Monday note.

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