China coal prices held near record highs on Thursday as cold weather swept into the country's north and power plants stocked up on the fuel to ease an energy crunch that is fuelling unprecedented factory gate inflation.
A widening power crisis in China, affecting at least 17 regions - caused by shortages of coal, record high fuel prices and booming post-pandemic industrial demand as it shifts to greener fuels - has led to production disruption at numerous factories.Soaring energy prices sent producer prices to their highest in at least 25 years in September, rising 10.7% from a year earlier, data showed on Thursday.
Daily coal output has reached the highest since February at more than 11.2 million tonnes, according to an official from China's National Energy Administration on Wednesday.L1N2R90M0 Banks are giving loans to coal mines to support production increases. Shanxi Coking Coal Group in China's top coal mining hub has received a 1 billion yuan bank loan for resuming operations from floods, according to a China central-bank backed newspaper on Wednesday.
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