News

Chinese media says to expect a crackdown on high coal prices – citing power shortages, cuts to factory output

China’s Global Times with the report, saying that “experts believe that Chinese authorities will launch new measures – including a crackdown on high coal prices – to ensure a steady electricity supply.”

The GT provide a litany of current woes:

  • Nationwide power curbs, caused by many factors including a steep jump in coal prices and surging demand
  • side effects at Chinese factories of all kinds, with some cutting output or halting production entirely
  • Industry insiders predict the situation could worsen as the winter season draws near.

It goes on with stories of worker layoffs due to power cuts shutting production, 

  • all our 500 workers are off on a month-long holiday
  • over 100 companies in Dafeng district, Yantian city, Jiangsu Province, facing the similar predicament.

A ‘holiday’ in China like this is not a paid holiday. 

If you haven’t already, check this out:

Includes scary coal price graph:

Invest in yourself. See our forex education hub.

Articles You May Like

USD/JPY Price Analysis: Stumbles below 134.00 and the 200-DMA on soft USD
USDJPY moves back to the downside and below its 200 day moving average
S&P 500 set to fall back below the 200-dma at the open
Oil prices dip as dollar strengthens, remain on track for weekly rise
Oil up 3% on OPEC+ output plans and price cap on Russian crude

Leave a Reply

Your email address will not be published. Required fields are marked *