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Coal producers rise in Shanghai on government decision to raise import tariff
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SHANGHAI stocks rose for a fifth consecutive trading day at today’s close, as the domestic coal industry was boosted by a government decision to raise import tariffs. The Shanghai Composite Index added 0.28 percent to 2,389.37 points.
China’s Ministry of Finance released a notice on its website today, saying that the government will raise the import tariffs for coal starting October 15. The decision will raise the price of imported coal by 20 yuan (US$3.26) to 30 yuan per ton.
Analysts said the act is to stimulate the domestic coal market by reducing imports. Last year, China’s imported coal increased by a record rate of 13.4 percent year-on-year.
Yunnan Coal & Energy rose 5.25 percent to 13.04 yuan, Qinghai Sunshiny Mining jumped 4.98 percent to 19.39 yuan, while Shanghai Datun Energy Resources gained 3.14 percent to 9.86 yuan.
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