BEIJING, June 13 (Xinhua) -- China Price-Xinhua Coking Coal Price Index (Shanxi, China), jointly compiled and published by the Price Monitoring Center of the National Development and Reform Commission (NDRC-PMC) and the China Economic Information Service (CEIS), has recently been released in Beijing.
The index is designed to comprehensively and accurately reflect the coking coal price level and changes in China's production areas, provide a scientific price reference for domestic coking coal market transactions, and promote the smooth and orderly operation of the industry.
The sample data is mainly derived from the contract data of the “Coking Coal Online” e-commerce platform of Shanxi Coke (International) Trading Center.
The index is based on the first week of January 2017 with the base point set at 1,000. As of May 29 this year, the price index had reported 1,044, up 4.4 percent from the base period.
The index will help the enterprises better grasp market trends, adapt to market changes, and rationally arrange production. Meanwhile, it will help the government departments better understand market conditions, monitor market behavior, strengthen price monitoring of coking coal market, and improve relevant national price monitoring system, said Lu Yanchun, head of the NDRC-PMC.
Su Huizhi, vice president of the CEIS, pointed out that Shanxi is a large coking caol production base in China, with proven reserves accounting for more than 50 percent of national total.
From the perspective of development trends, operating conditions, and responses of the enterprises, the index pricing model is more in line with market rules and enterprises' needs for fair marketing, said Yang Xianfeng, president of China Coal Transportation and Distribution Association.
The release of the index is expected to change the chaotic coking coal pricing in China, help promote reasonable fluctuations of the coking coal prices, and strengthen China’s initiative and discourse power in the international coking coal pricing market, said chairman of Shanxi Coking Coal Group.
CEIS, a wholly-owned company of Xinhua News Agency, boasts five national-level platforms including Xinhua Finance, Xinhua Silk Road, Xinhua Credit, Shanghai Petroleum and Natural Gas Exchange (SHPGX) and Xinhua Think Tank. As China's first professional institution studying, releasing, promoting and operating composite indices, Xinhua Indices have been committed to building four product systems: Xinhua Price Index, Xinhua Theme Index, Xinhua Evaluation Index and Xinhua Finance Index, and launched a series of influential products. (Edited by Hu Pingchao, firstname.lastname@example.org)