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Traders left on the hook for expensive coal after China squashes prices

Chinese coal traders are selling cargoes at losses or trying to delay imports after Beijing’s market interventions triggered a 50% price drop that saddled them with unprofitable supplies, according to several market participants. Domestic thermal coal futures have halved over the past three weeks after the government ordered top miners to slash prices to a set target and raise output immediately to curb prices that had nearly quadrupled this year. Amid the price free-fall, importers have tried to quickly sell on their coal shipments they booked in October when prices were at records, taking losses of between $40 to $100 per tonne, said three China-based coal traders.

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