January 11, 2017 / 2:50 PM / a year ago

China drafts plan to limit coal price volatility - report

BEIJING (Reuters) - China has drawn up a mechanism aimed at limiting future volatility in coal prices and is seeking support from the industry for the new measures, according to a media report.

The plan, drafted by industry associations and key government agencies, was circulated among industry players late on Wednesday, newspaper Shanghai Securities News reported.

It comes after Chinese coal prices soared last year following moves by Beijing to shutter inefficient producers, with the effects felt across the world.

Benchmark thermal coal prices rose to 592 yuan ($85.45) per tonne this week from 370 yuan in January 2016.

The plan did not give details on specific responses to be taken but said they would be applied based on the level of volatility in price.

($1 = 6.9284 Chinese yuan renminbi)

Reporting by Dominique Patton; editing by Susan Thomas

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