Domestic coal producers are facing increased pressure to cut prices after the Bohai Rim Steam Coal Price Index fell following 11 straight weeks of gains, Beijing News reported Thursday. Steam coal dipped 21 yuan (US$3.47) to 610 yuan per ton on Wednesday. Five major power companies including China Shenhua Energy Co. Ltd. (01088.HK, 601088.CN) and China Coal Energy Co. Ltd. (01898.HK, 601898.CN) have been negotiating prices with coal producers but the talks remain deadlocked, the report said. The latter is expected to relent as coal prices continue to trend lower, it said.
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