Chinese Coal Prices Plunge After Beijing Imposes Price Caps

Having soared to an all time high as recently as one week ago, Chinese coal futures have lost nearly half of their value in the past seven days in a sequence of limit down days as Beijing unleashed its latest crackdown on a commodity it felt was mispriced despite urging energy firms to "secure supplies at any price" less than a month ago. There is, of course a perfectly simple, non-market driven reason for the plunge in prices: China ruthless authoritarians revealed a plan to impose limits on the price miners sell thermal coal for as they…