Coal output to be cut

Chinese authorities and coal industry association have persuaded domestic coal suppliers to reduce production in a bid to stabilize coal prices, the China Times newspaper reported Sunday, citing an anonymous source with the China National Coal Association (CNCA).

The CNCA and coal authorities held several meetings with major coal firms, including China Shenhua Energy Co and China Coal Energy Co, the report said.

As a result, Shenhua announced on August 1 that it planned to cut this year's annual production by 50 million tons, and raised its August coal prices by 4 yuan ($0.65) per ton after nearly two months of cuts.