China underscores push towards longer term coal contracts
BEIJING – China has again urged coal suppliers and buyers to sign more medium- and long-term contracts, amid robust demand for the fuel during the peak winter-heating season.
The National Development and Reform Commission (NDRC) said in a document published on Wednesday that medium- to long-term contracts should make up 75% of supply deals signed by government and municipal authorities as well as power firms.
It added that railways, ports and shipping firms should make handling such contract business a priority. Contracts should run for at least a year.
The NDRC had already ordered coal companies and utilities in April to fix 75% of their total coal purchases through long-term contracts.
But Chinese thermal coal futures have still surged this year, recently rallying about 7% since early November to 655.6 yuan ($99.29) per tonne.
The NDRC also warned that contracts must be strictly fulfilled, and that it would strengthen supervision of contracts of more than 200 000 t.
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