Sector brief: Energy & Environment
Shenhua falls in response to coal price decline
February 1, 2010: Shenhua took a hit as coal prices fell for the first time in six months - but demand is likely to remain strong in 2010 as the economy rebounds
Stock in China Shenhua Energy, the world’s top coal producer by market capitalization, dropped as much as 3.2% as spot coal prices at Qinghuangdao port fell for the first time since July 2009. The company produced 210 million tons of coal in 2009, representing an annual growth of 13.2%, even as exports dropped 35.8% due to lessened global demand.
The price decline confounded speculation that power shortages resulting from recent intense winter weather in China’s centra...
The price decline confounded speculation that power shortages resulting from recent intense winter weather in China’s centra...
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