Major coal miners to boost output, cap prices

BEIJING: Some of China’s major coal producers have vowed to cap thermal coal prices this winter and next spring, after the government asked state-backed firms to ensure stable coal and power supply “regardless of costs”.

China’s thermal coal prices have surged over 200% this year to record highs as mining safety inspections, anti-corruption probes and floods at major mining regions hurt supplies.China Energy Group and Shanxi Jinneng Holding Group, the No. 1 and No. 8 coal miners by production in the country, have said they will drive up output and guide prices back to a “reasonable range”.