China's thermal coal futures tumbled 13% on Friday, extending losses since Tuesday when they came off record highs after Beijing signalled it would intervene to cool surging prices to help electricity producers out of a widespread power crunch.
"We're now seeing the fruits of China's supply response, as the government has given miners carte blanche to produce at full tilt - even permitting the relaxation of safety inspections in some cases," said Atilla Widnell, managing director at Navigate Commodities in Singapore.
"Therefore, we can expect prices to fall almost as fast as they've risen now that a wave of supply is inbound," he added. China's securities regulator has said it would ask futures exchanges to raise fees, restrict trading quotas and crack down on speculation in response to high coal prices.
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