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Yanzhou Coal Mining cuts washed coal prices in May

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Publish time: 13th May, 2015      Source: www.cnchemicals.com
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Yanzhou Coal Mining Co., a leading coal producer based in eastern China’s Shandong province, has cut the free-on-rail price of its 2# washed gas coal by 45 yuan/t from the start of April to 555 yuan/t, with an additional 15 yuan/t discount for cash payment, sources confirmed.In addition, the company provided 10 yuan/t discount for key buyers, along with 5 yuan/t and 10 yuan/t discounts for buyers who fulfill 80-90% and over 90% of the contract volumes, respectively.Sources disclosed that the miner presently holds around 3 million tonnes of raw coal in stock. Many local mines in Shandong are in red presently and no signs of rebound are seen in the market. The price of washed gas coal from Jining local mines has dropped a total 110 yuan/t from February to end-April.The CCI Met Shandong Semi-soft index assessed ex-washplant price of gas coal at 490 yuan/t with VAT on May 12, unchanged on day and down 15 yuan/t on week.Lu’an Group, a major producer in Shanxi province, also cut free-on-rail prices of its washed coal by 30-60 yuan/t this month, but kept prices for road deliveries.One Shanxi-based miner said prices were roughly stable recently; the actual transaction prices were reduced by 5-10 yuan/t due to an increase in road transport freights. The ex-washplant price of Luliang gas coal with 0.7% sulphur was 390 yuan/t with VAT, presently.One Hebei-based coking enterprise said the purchase price of Changzhi lean coal dropped 10-20 yuan/t recently and the ex-washplant price of Shanxi fat coal with 1.6% sulphur was 500 yuan/t with VAT or so. It said downside room would be rather limited as prices have almost dropped to the bottom.As of May 12, the CCI Met Shanxi Premium Low Vol index assessed ex-washplant price of Liulin Premium low-sulphur primary coking coal at 650 yuan/t with VAT, unchanged on day and on week; while CCI Met Shanxi High Sulfur Low Vol index was at 485 yuan/t, unchanged on day but down 5 yuan/t from a week ago.One Tangshan-based buyer said the price of local high-ash fat coal dropped 20 yuan/t, with the delivered price of fat coal with 12.5% ash with 735 yuan/t presently, along with a 5 yuan/t discount for purchase of every 5,000 tonnes.The CCI Met North China Fat Coal index assessed the delivered price of high-fluidity, mid-volatile coking coal delivered to Tangshan at 745 yuan/t with VAT, unchanged on day but down 5 yuan/t from the week before.