David Fang News
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China, the world’s biggest user and producer of coal, will limit domestic output and consumption of the commodity in the five years through 2015 to reduce pollution and curb reliance on the fuel.
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Hong Kong stocks erased gains, falling from a six-month high, as China’s move to cut lending curbs for banks fueled concern the world’s second-biggest economy may be heading for a sharper slowdown than expected.
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Chinese thermal coal producers are unlikely to oppose Glencore International Plc’s plan to combine with Xstrata Plc because the nation’s supply of the fuel is diverse, said the China Coal Transport and Distribution Association.
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China, the world’s biggest coal producer and consumer, has ordered that 2011 contract prices to supply the fuel to power stations be frozen at this year’s levels to curb inflation.
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China’s coal imports were near November’s record high last month, and its foreign coal purchases increased 11 percent in 2011, according to data from the China Coal Transport and Distribution Association.
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A coal-mine explosion in China on Oct. 29 brought the death toll from known pit accidents in the country this month to almost 100, and may increase demand for imports as some regional production gets curtailed.
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China’s driest weather in decades is threatening river transport of power-station coal to eastern Jiangsu province, Beijing Times said, without citing anyone.
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China’s net imports of coal dropped to the lowest in 23 months in February after prices increased and demand fell during the Lunar New Year holiday, customs data showed today.
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China’s benchmark thermal-coal price fell for the first time in three months, dropping from a three- year high as utilities finished building stockpiles for winter.
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China, which became a net coal importer in 2009, may cut overseas purchases after the discount on shipments from South Africa compared with domestic supplies narrowed 47 percent in a year.
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