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Steam coal futures surge 2.8% on debut
Print Edition
China’s new steam coal futures rose on their trading debut yesterday, as investors pursued a new hedging tool that could be used by industries from miners to power generators and aluminum smelters.
Steam coal for January delivery, the most-active contract, settled 2.77 percent higher at 534.4 yuan (US$87.3) per ton on the Zhengzhou Commodity Exchange in Henan Province.
Analysts also said the new futures could enhance China’s influence over the prices of coal, for which the country is the world’s biggest producer, consumer and importer.
However, the rollout of steam coal contracts comes at a time when the domestic market is facing oversupply.
“In a buyer’s market, the new futures may help China further push forward its market-oriented reform in the power and coal sector,” said Hu Yuyue, a futures researcher at the Beijing Technology and Business University.
Taking advantage of lower coal prices, China this year abolished a long-time practice of arranging annual price talks between coal miners and power producers.
Thermal coal can be used to generate power and also as a fuel for steam locomotives.
Earlier this year the Dalian Commodity Exchange introduced the world’s first futures contracts for coking coal, used in steelmaking.
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