also be included. The MOF then set the rate for oil and gas at
5% of sales and a start date of 31 October. The MOF also set
standard rates per tonne on sales of coking coal and rare
earths.
Under the old system, created when prices for resources were
much lower, producers had to pay a set fee for every ton of oil or
metric tonne of gas. The system made it hard for tax collectors to
benefit from the rapid rises in the prices of these commodities,
but kept taxes relatively low. The new tax, based on sales volume
and with revenues going to local governments, marks a significant
change.
Decree No. 66, issued jointly by the MOF and SAT, revises the
Implementation Rules for the Provisional Regulations of the PRC on
Resource Tax, issued in 1993. The new rules, the Resource Tax
Provisional Regulations, bring in six key changes, says KPMG.
Six main changesThe first sets a 5% provisional tax rate on oil
and gas resources. The second includes provisional tax rates on
coking coal at 8 yuan per tonne, 60 yuan per tonne on light rare
earth ores like bastnaesite and monazite
Chinas new Resources Tax does not currently extend to coal, but
analysts are speculating if it will in the future.
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government and plants lose money, says Lau. The
government sets electricity prices regardless of the price of coal,
so plants cannot raise their prices.
The higher the price of coal, the more money plants lose. And,
because they dont want to lose money, they produce less. The result
is power shortages.
In theory, coal producers should fulfill their contracts and
sell the coal at the contract price set by the government, but this
price is so much lower that mines either break the contracts or
refuse to sell at that price, says Lau.
Expanding the tax to coal would require the government to raise
prices not only for contract coal, but for electricity across the
country, which would create not-insignificant inflationary
pressures, says Lau.
*COAL: NEXT ON THE GOVERNMENTS LIST?Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are Chinas new Resources Tax
does not currently extend to coal, but analysts are speculating if
it will in the future. Chinas new Resources Tax does not currently
extend to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are speculating if it will
in the future. Chinas new Resources Tax does not currently extend
to coal, but analysts are speculating if it will in the future.
Chinas new Resources Tax does not currently extend to coal, but
analysts are speculating if it will in the future. Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are speculating if it will in the future. Chinas new
Resources Tax does not currently extend to coal, but analysts are
speculating if it will in the future. Chinas new Resources Tax does
not currently extend to coal, but analysts are Chinas new Resources
Tax does not currently extend to coal, but analysts are speculating
if it will in the future. Chinas new Resources Tax does not
currently extend to coal, but analysts are speculating if it will
in the future. Chinas new Resources Tax does not currently extend
to coal, but analysts are speculating if it will in the future.
Chinas new Resources Tax does not currently extend to coal, but
analysts are Chinas new Resources Tax does not currently extend to
coal, but analysts are speculating if it will in the future. Chinas
new Resources Tax does not currently extend to coal, but analysts
are speculating if it will in the future. Chinas new Resources Tax
does not currently extend to coal, but analysts are speculating if
it will in the future. Chinas new Resources Tax does not currently
extend to coal, but analysts are speculating if it will in the
future. Chinas new Resources Tax does not currently extend to coal,
but analysts are Chinas new Resources Tax does not currently extend
to coal, but analysts are speculating if it will in the future.
Chinas new Resources Tax does not currently extend to coal, but
analysts are speculating if it will in the future. Chinas new
Resources Tax does not currently extend to coal, but analysts are
speculating if it will in the future. Chinas new Resources Tax does
not currently extend to coal, but analysts are Chinas new Resources
Tax does not currently extend to coal, but analysts are speculating
if it will in the future. Chinas new Resources Tax does not
currently extend to coal, but analysts are speculating if it will
in the future. Chinas new Resources Tax does not currently extend
to coal, but analysts are Chinas new Resources Tax does not
currently extend to coal, but analysts are speculating if it will
in the future. Chinas new Resources Tax does not currently extend
to coal, but analysts are speculating if it will in the future.
Chinas new Resources Tax does not currently extend to coal, but
analysts are speculating if it will in the future. Chinas new
Resources Tax does not currently extend to coal, but analysts are
Chinas new Resources Tax does not currently extend to coal, but
analysts are speculating if it will in the future. Chinas new
Resources Tax does not currently extend to coal, but analysts are
speculating if it will in the future. Chinas new Resources Tax does
not currently extend to coal, but analysts are speculating if it
will in the future. Chinas new Resources Tax does not currently
extend to coal, but analysts are speculating if it will in the
future. Chinas new Resources Tax does not currently extend to coal,
but analysts are speculating if it will in the future.
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose Coal-fired plants produce about three-quarters of Chinas
power. Most lose money because what they pay for the coal is much
higher than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can
Coal-fired plants produce about three-quarters of Chinas power.
Most lose money because what they pay for the coal is much higher
than what they can money because what they pay for the coal is much
higher than what they can money because what they pay for the coal
is much higher than what they can money because what they pay for
the coal is much higher than what they can money because what they
pay for the coal is much higher than what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can money because what they pay for the coal is much
higher than what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can money because what they pay for the coal is much
higher than what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can money because what they pay for the coal is much
higher than what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can money because what they pay for the coal is much
higher than what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can money because what they pay for the coal is much
higher than what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can money because what they pay for the coal is much
higher than what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can money because what they pay for the coal is much
higher than what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can money because what they pay for the coal is much
higher than what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.money because
what they pay for the coal is much higher than what they can charge
for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.money because
what they pay for the coal is much higher than what they can charge
for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.money because
what they pay for the coal is much higher than what they can charge
for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.money because
what they pay for the coal is much higher than what they can charge
for the electricity they produce.charge for the electricity they
produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.money because
what they pay for the coal is much higher than what they can charge
for the electricity they produce.charge for the electricity they
produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.money because
what they pay for the coal is much higher than what they can charge
for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.money because
what they pay for the coal is much higher than what they can charge
for the electricity they produce.charge for the electricity they
produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.money because
what they pay for the coal is much higher than what they can charge
for the electricity they produce.money because what they pay for
the coal is much higher than what they can charge for the
electricity they produce.charge for the electricity they
produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.money because
what they pay for the coal is much higher than what they can charge
for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an
money because what they pay for the coal is much higher than
what they can charge for the electricity they produce.
The biggest consumer of coals is the power plants, says Helen
Lau, an The biggest consumer of coals is the power plants, says
Helen Lau, an The biggest consumer of coals is the power plants,
says Helen Lau, an The biggest consumer of coals is the power
plants, says Helen Lau, an The biggest consumer of coals is the
power plants, says Helen Lau, an The biggest consumer of coals is
the power plants, says Helen Lau, an The biggest consumer of coals
is the power plants, says Helen Lau, an The biggest consumer of
coals is the power plants, says Helen Lau, an The biggest consumer
of coals is the power plants, says Helen Lau, an The biggest
consumer of coals is the power plants, says Helen Lau, an The
biggest consumer of coals is the power plants, says Helen Lau, an
The biggest consumer of coals is the power plants, says Helen Lau,
an The biggest consumer of coals is the power plants, says Helen
Lau, an The biggest consumer of coals is the power plants, says
Helen Lau, an The biggest consumer of coals is the power plants,
says Helen Lau, an The biggest consumer of coals is the power
plants, says Helen Lau, an The biggest consumer of coals is the
power plants, says Helen Lau, an The biggest consumer of coals is
the power plants, says Helen Lau, an The biggest consumer of coals
is the power plants, says Helen Lau, an The biggest consumer of
coals is the power plants, says Helen Lau, an The biggest consumer
of coals is the power plants, says Helen Lau, an The biggest
consumer of coals is the power plants, says Helen Lau, an The
biggest consumer of coals is the power plants, says Helen Lau, an
The biggest consumer of coals is the power plants, says Helen Lau,
an The biggest consumer of coals is the power plants, says Helen
Lau, an The biggest consumer of coals is the power plants, says
Helen Lau, an The biggest consumer of coals is the power plants,
says Helen Lau, an The biggest consumer of coals is the power
plants, says Helen Lau, an The biggest consumer of coals is the
power plants, says Helen Lau, an The biggest consumer of coals is
the power plants, says Helen Lau, an The biggest consumer of coals
is the power plants, says Helen Lau, an The biggest consumer of
coals is the power plants, says Helen Lau, an The biggest consumer
of coals is the power plants, says Helen Lau, an The biggest
consumer of coals is the power plants, says Helen Lau, an analyst
at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an The biggest consumer of coals is the power plants, says
Helen Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an The biggest consumer of coals is the power plants, says
Helen Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
The biggest consumer of coals is the power plants, says Helen
Lau, an analyst at UOB Kay Hian.
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much higher than 300 yuan/tonne the price of
contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much higher than 300 yuan/tonne the price of
contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much higher than 300 yuan/tonne the price of
contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much Spot coal at the ports is now worth about
850 yuan/tonne. Anything much higher than 300 yuan/tonne the price
of contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much Spot coal at the ports is now worth about
850 yuan/tonne. Anything much higher than 300 yuan/tonne the price
of contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much higher than 300 yuan/tonne the price of
contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much higher than 300 yuan/tonne the price of
contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much Spot coal at the ports is now worth about
850 yuan/tonne. Anything much higher than 300 yuan/tonne the price
of contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much higher than 300 yuan/tonne the price of
contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much higher than 300 yuan/tonne the price of
contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much Spot coal at the ports is now worth about 850
yuan/tonne. Anything much higher than 300 yuan/tonne the price of
contract coal set by the government
Spot coal at the ports is now worth about 850 yuan/tonne.
Anything much higher than 300 yuan/tonne the price of contract coal
set by the government
analyst at UOB Kay Hian.Spot coal at the ports is now worth
about 850 yuan/tonne. Anything much
higher than 300 yuan/tonne the price of contract coal set by the
government Spot coal at the ports is now worth about 850
yuan/tonne. Anything much
higher than 300 yuan/tonne the price of contract coal set by the
government Spot coal at the ports is now worth about 850
yuan/tonne. Anything much
analyst at UOB Kay Hian.Spot coal at the ports is now worth
about 850 yuan/tonne. Anything much Spot coal at the ports is now
worth about 850 yuan/tonne. Anything much
higher than 300 yuan/tonne the price of contract coal set by the
government Spot coal at the ports is now worth about 850
yuan/tonne. Anything much
higher than 300 yuan/tonne the price of contract coal set by the
government Spot coal at the ports is now worth about 850
yuan/tonne. Anything much
higher than 300 yuan/tonne the price of contract coal set by the
government
analyst at UOB Kay Hian.Spot coal at the ports is now worth
about 850 yuan/tonne. Anything much
higher than 300 yuan/tonne the price of contract coal set by the
government
analyst at UOB Kay Hian.Spot coal at the ports is now worth
about 850 yuan/tonne. Anything much
analyst at UOB Kay Hian.Spot coal at the ports is now worth
about 850 yuan/tonne. Anything much Spot coal at the ports is now
worth about 850 yuan/tonne. Anything much
higher than 300 yuan/tonne the price of contract coal set by the
government Spot coal at the ports is now worth about 850
yuan/tonne. Anything much
higher than 300 yuan/tonne the price of contract coal set by the
government
analyst at UOB Kay Hian.Spot coal at the po