Shenhua drop shipping Group denies slashing coal price
Shenhua drop shipping Group denies slashing coal price
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Shenhua Group denies slashing coal pricePublished: 20 Feb 2009 00:00:00 PST
Feb. 20, 2009 (China Knowledge) - Shenhua Group Co Ltd, parent of China Shenhua Energy Company Ltd<601088><1088>, yesterday denied the rumor that it will lower its coal price, according to a representative of the Group, sources reported.
There were reports of offers by Shenhua Group to sell coal at a price reduced RMB 50 to RMB 490 per ton. Lowering its price might enable Shenhua Group to make contracts with the five power giants in China, China Huaneng Group (CHNG), China Guodian Corp, China HuaDian Corp, China Datang Corporation (CDT) and China Power Investment Corporation (CPI).
The five power companies established a coal price union refusing to buy coal above a certain price from domestic coal companies. They are seeking opportunities to buy coal overseas to exert further control over domestic coal prices.
The rumored price reduction by Shenhua Group, a major coal company in China, would impact the whole coal industry.
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