Chilly time for coal producers
By LYU CHANG (chinadaily.com.cn) Updated: 2014-01-07 14:15The coal industry suffered heavy losses last year amid rising stockpiles and falling prices, official data said on Tuesday.
From January to November, profits for coal producers dropped 36.6 percent year-on-year to 197.64 billion yuan ($32.65 billion), according to the National Bureau of Statistics.
Industry insiders said that the problem was mainly caused by overcapacity and heavy tax burdens and this looks set to continue, though more measures from the central government could help stabilize the market.
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