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China's top coal miner unveils promotion scheme

BEIJING
2015-10-12 10:19

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Chinese largest coal miner Shenhua Group recently issued a promotion scheme for large-quantity buyers, said a report by Shanghai Securities News on Monday.

Shenhua Group would offer 2.6 percent to 3.7 percent of discounts if a client orders over 40,000 tonnes of coal shipment. Shenhua really has no alternative but to lower the coal price when coal remains oversupplied on domestic market and sluggish demand for electricity continued, and its major rivals ChinaCoal and Datong Coal Mine, in particular, took a lead to announced price cut before the National Day holiday.

The recent cut of coal prices by other coal miners brought increasing pressures on Shenhua Group, according to Deng Yu, an analyst with market information supplier ICIS.

Flagging power consumption by industrial users is main cause for decrease of coal prices and power plants usually resort to destocking amid low operation rate, said Wang Xufeng, an analyst with Shanxi Fenwei Energy Consultations.

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