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China's coal, steel sectors under more pressure to cut output this year: govt
[BEIJING] China's steel and coal sectors will face increasing pressure this year to cut capacity, the country's state planner said on Tuesday, as the government ramps up efforts to tackle polluting heavy industries and remove excess capacity.
Speaking at a news conference, Xu Shaoshi, director of the National Development and Reform Commission (NDRC), said that the government will ensure stable supplies of both commodities even as cuts take place.
In 2016, thermal coal prices more than doubled in a few months after the government in the world's top consumer forced mines to close or cut output, tightening supplies to utilities ahead of the cold winter months.