Lower stocks, rising need to lift coal prices
By Richard Fu |
August 28, 2012, Tuesday
|
Print Edition
Print Edition
CHINA Shenhua Energy Co, the country's largest coal producer, expects prices of the fuel to rebound in the rest of the year as inventories fall amid improving demand.
Falling demand from power generation due to China's slowing economy, which grew at the slowest pace in three years in the second quarter, has led to record high coal stockpiles in June and also caused prices to fall.
Wang Jinli, a vice president of Shenhua, said yesterday that coal prices may rebound in the next few months as inventories at Chinese power plants have declined to 85 million tons from an earlier high of 97 million tons. He also said that coal prices have been stable for weeks.
Shenhua, which also operates power plants, railways and ports, earlier reported a better-than-expected 17 percent rise in first-half net profit on strong sales despite a weak market.
Based on international accounting standards, Shenhua earned 26.7 billion yuan (US$4.2 billion) in the first six months, up from 22.8 billion yuan a year earlier.
Shenhua shares fell 1.86 percent yesterday in Hong Kong and closed 2.6 percent lower in Shanghai.
Falling demand from power generation due to China's slowing economy, which grew at the slowest pace in three years in the second quarter, has led to record high coal stockpiles in June and also caused prices to fall.
Wang Jinli, a vice president of Shenhua, said yesterday that coal prices may rebound in the next few months as inventories at Chinese power plants have declined to 85 million tons from an earlier high of 97 million tons. He also said that coal prices have been stable for weeks.
Shenhua, which also operates power plants, railways and ports, earlier reported a better-than-expected 17 percent rise in first-half net profit on strong sales despite a weak market.
Based on international accounting standards, Shenhua earned 26.7 billion yuan (US$4.2 billion) in the first six months, up from 22.8 billion yuan a year earlier.
Shenhua shares fell 1.86 percent yesterday in Hong Kong and closed 2.6 percent lower in Shanghai.
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