Black outlook for coal even in China: FT Lex.

FT: “Shaanxi Coal Industry is the one that just halved its planned listing. Shaanxi has not said why, but it probably has as much to do with the outlook for China’s coal industry as with the Shanghai market.”
“Yanzhou Coal and China Coal Energy were the two worst-performing Hong Kong-listed Chinese companies in the past year, as coal prices reached six-year lows. Both fell more than 50 per cent. Add in China Shenhua Energy’s one-third fall, and the three lost $47bn in market capitalisation – as much as the value of the world’s next five biggest coal stocks combined. ….The problem is finding a reason for coal prices to rally given overcapacity and a gradual policy shift away from coal. Coking coal prices have suffered as China has slowed.”