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Shares of Chinese coal miners stage a strong rally as coal consumption surge as heatwave swept across several regions in the country and the top energy regulator reiterated the call for coal miners to step up production and ensure supply.
In A-share market, an index tracking the coal mining sector compiled by Wind Information is surging more than 2% as of 11:14 am, local time, making it one of the best-performing sectors and compared to 0.11% gain for the benchmark Shanghai Composite Index. In Hong Kong, Yankuang Energy is surging 4.5%, China Shenhua up 2.7%, China Coal up 2.6%.
The National Energy Administration on Monday held a meeting on ensuring coal supply, requiring related government departments and major companies in the industry to guarantee stable coal supply, step up coal production, accelerate the released of advanced coal capacity, strengthen the implementation of long-term coal supply agreement with power generators and make good arrangements in coal imports.
Driven by surging power consumption amid the ongoing heatwaves, daily thermal coal consumption at coal-fired power generators in China’s eight coastal provinces recently jumped above 2.2 million tonnes to hit a new record high.
South China’s Guangdong province saw its peak power load hit a new record of 142 million kW on Monday, rising by 4.89% from the peak power load last year, according to the China Southern Power Grid, one of two state power grids in China and covers five southern provinces – Guangdong, Guangxi, Yunnan, Guizhou and Hainan. Peak power load in several cities in Guangdong province including Guangzhou, Shenzhen, Dongguan, Foshan, Huizhou and Chaozhou all hit all-time highs on Monday amid wide-spread heatwaves, it said. Read more …
