Shenhua Group's Coal Price New Deal Accused

**Shenhua Group Introduces New Coal Pricing Policy Amid Market Pressure** On July 22nd, a reporter learned from insiders that Shenhua Group, one of China’s largest coal producers, announced two new pricing policies on Friday, July 19th. The first policy involves monthly settlement for coal prices starting from the 26th of each month. Under this system, the price will be based on the lowest price of the same coal category during the current week, from the 18th to the end of the month. The second policy reinstates the long-term price for coal with 4,500 kcal or less, but increases the base price by 5 yuan per ton. A representative from Shenhua Group's Sales Company confirmed the details of the new pricing strategy to reporters. Analyst Zhang Zhibin from the China Coal Grand Consulting Center told the "Daily Economic News" that these changes represent a significant shift in Shenhua's approach. He explained that the new policy is essentially a disguised way to lower prices amid the ongoing downward trend in coal prices. According to the reporter's understanding, Shenhua previously used a weekly pricing model, where the price was tied to the Bohai Rim Index for that week. The new policy marks the 26th working week of the year, and it introduces greater flexibility in how prices are set. The first part of the policy targets market coal, allowing for more responsiveness to weekly price fluctuations. The second part focuses on low-grade coal (4,500 kcal or below), which has seen stable demand in port transactions. Zhang noted that under the previous system, there were typically four or five different weekly settlement prices. With the new policy, however, Shenhua will settle once a month, using the lowest weekly price within that month as the basis. This approach, he said, effectively reduces prices without explicitly announcing a cut. He also pointed out that the second part of the policy applies to a smaller portion of Shenhua’s thermal coal, but still represents a strategic move to adjust pricing in response to market conditions. Overall, Zhang believes that Shenhua’s recent adjustments signal a major shift in its pricing strategy, and other coal companies may follow suit. In late May, there were reports that Shenhua had begun decentralizing its pricing power, moving decision-making from the headquarters to local sales subsidiaries. However, Shenhua officials denied this, stating that the company still links its prices to the Bohai Rim Index, though the exact mechanism remains confidential. Analysts have observed that Shenhua’s pricing has historically been closely tied to the Bohai Rim Index. When the index falls, so does Shenhua’s price, which can further drive down the index. In late June, a major price drop led by China Coal Energy triggered a wave of reductions across the industry. Shenhua later adjusted its spot coal prices, leading to widespread price cuts among other coal companies. Recently, Shenhua announced a second round of price cuts, signaling continued pressure on the coal market. Five major coal groups, including Shanxi Coking Coal and Tongmei, have reportedly discussed implementing coordinated pricing strategies to stabilize regional coal prices and reduce internal competition. While some insiders suggest that Shenhua is shifting pricing authority to its sales subsidiaries, the company has not officially confirmed this. Shenhua representatives remain skeptical about the term “decentralization,” noting that all pricing decisions still require group-level approval.

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