Chinese Coal Output

China's daily coal output hit 11.67 million tonnes on November 2, rising around one million tonnes from early October, close to a record high this year amid a raft of measures to ramp up production. The National Development and Reform Commission of China published 6 statements late on Wednesday showing recent coal production and its efforts in reining in prices. Coal inventories at powerhouses across the country had exceeded 110 million tonnes as of Tuesday, up by more than 31 million tonnes from end-Sept, the commission said, and adding that with production boost measures to be implemented continually, China's daily coal output is expected to break above 12 million tonnes. Authorities continued to crack down on irregularities that disrupt market order. China's top 3 coal-producing regions - Shanxi, Inner Mongolia, and Shaanxi - have launched campaigns to probe into illegal coal storage sites. The commission also called out the media's "false reporting" on efforts to stabilize coal prices and supplies and said it would refer it to the relevant department for punishment for inaccurate information. Thermal coal futures on China's Zhengzhou Commodity Exchange had plunged more than 50% from the historical high of 1,908.2 yuan per tonne it logged on Oct.19. The most-traded January contract of thermal coal fell 1.5% during the night session on Wednesday and was trading range-bound in Thursday early trade.