Mr Zhang Guobao GD of China's National Energy Administration has said that the stimulus plan to boost the Chinese economy will have the effect in 2009 of maintaining the upward trend in the demand for coal, though growth may slow down.
Mr Guobao told a conference on the control of gas in coal mines said that the worsening global economy has also had a deep negative impact on China's power, steelmaking, building steel and chemical industries, so coal demand would decline in the short term.
The month-on-month price has declined since last April. At present the price of thermal coal at Qinhuangdao Port is down over CNY 400 per tonnes from its peak in the middle of 2008, while the price of coking coal is as much as 50% down at around CNY 1000 per tonne.
Source: Steel Guru
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