Beijing: China's thermal coal futures sank about 13 per cent on Friday, Oct 22, extending their losses since Tuesday when Beijing said it would intervene to cool surging prices of the commodity to help electricity producers out of a widespread power crunch.
The most active thermal coal futures on Zhengzhou Commodity Exchange, for delivery in January, tumbled to 1,384 yuan per tonne by 1130 Beijing time 0329 GMT - down more than 30 per cent since Tuesday's all-time peak of 1,982 yuan per tonne.
Coking coal was down 9.91 per cent and coke futures fell 7.42 per cent on the Dalian Commodity Exchange in morning trade, having fallen by the maximum 12 per cent in day-time trade on Thursday.
A widening power crisis in China caused by shortages of coal led to record high fuel prices amid booming post-pandemic industrial demand as the country shifts to greener fuels.
China has halted production at factories which has dragged on factory gate inflation.
China is pushing miners to ramp up coal production and increasing imports so that power stations can rebuild stockpiles before the winter heating season, but analysts say shortages are likely to persist for at least another few months.