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Shanxi coal industry posts 12-mth loss

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Publish time: 29th July, 2015      Source: www.cnchemicals.com
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Shanxi province, one leading coal production base of China, posted a 12-month loss in its coal industry by the end of June, the latest official data showed on July 28.Total loss of the Shanxi Coal industry reached 4.062 billion yuan ($663.7 million) during the first half of the year, compared with profit of 2.012 billion yuan from the same period last year, data from the provincial government showed.Shanxi’s coal producers are suffering from increased stocks and low prices, as oversupply in domestic market may hard to change in the short run.By end-June, coal enterprises across the province held 47.39 million tonnes of coal stocks, up 35.24% from the start of the year, accounting for 47.6% of the total stocks in China.During the first half of the year, coal sales price of the province averaged 287.97 yuan/t, down 20.02% from the year prior.Shanxi produced 463 million tonnes of raw coal in the first half of the year, down 3.2% year on year; total commercial coal sales during the same period amounted to 377 million tonnes, down 7.32% year on year.Customs data showed Shanxi’s coal exports posted a year-on-year drop of 44.6% over January-June, with average export price down 20% plus.