The collection work for the country's coal production-transportation-demand contracts has officially kicked off and the actual contract execution would be filed into credit record, according to Jiang Zhimin, vice president with China National Coal Association (CNCA).
The contract collection work allows railway departments' prioritized allocation of transportation capacity for medium-and long-term coal contracts, Jiang said at 2017 China coal transaction conference held at China Taiyuan Coal Transaction Center during Dec. 20-22.
China's top economic planner National Development and Reform Commission and State-owned Assets Supervision and Administration Commission of the State Council have recently released a guideline which specified requirements on the signing and execution of medium-and long-term contracts between coal producers and buyers.
The contract should make clear that amount of coal supply and price range, with clauses to allow for market-oriented price adjustments, according to the guideline.
Illegal practices such as price manipulation and spreading misleading information will be punished, while those who honor the contracts will receive government policy support, the guideline said.
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