BEIJING, April 16 (Xinhua) -- The work of revising and optimizing China Price-Xinhua Coking Coal Price Index, which was jointly compiled by the Price Monitoring Center of the National Development and Reform Commission and China Economic Information Service (CEIS) of Xinhua News Agency, has been successfully accomplished recently.
The optimization of the index is aimed at increasing the scientificity, accuracy, and sensitivity of the index and providing a more accurate price signal reference for the market, enterprises, and government departments.
This optimization is based on the enrichment and improvement of data sources, which are mainly derived from the contract data of the "Coking Coal Online" e-commerce platform of Shanxi Coking Coal & Coke International Trading Center.
As a national-level coking coal price index, the newly revised index, on the one hand, can reflect medium- and long-term contracts, promoting the stabilization of the coking coal market.
On the other hand, the modified index can sensitively reflect market rapid fluctuations, playing a price signal role for the market.
During the trial run, the optimized index can effectively reflect market information in a more timely and accurate manner, as its fluctuations remained basically consistent with market price trends, and the bidding index responded to market price changes slightly earlier than its counterparts during certain periods.
It is learned that the optimization mainly involves updating the index weight and adjusting the sample composition, redesigning the bidding index to make it more suitable for market needs, further enriching the index product system as well as adjusting the release time on Friday instead of Wednesday.
(Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)
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