The coal inventories at China's seven major ports have fallen to...

The coal inventories at China's seven major ports have fallen to 18.5 million tons from 24 million tons at the end of June; while inventories at power plants also reduced from 97 million tons to 85 million tons, Shenhua's Vice-President Wang Jinli said in announcing the company's interim results at a press conference in Hong Kong on Monday.

"The coal price has stabilized and is showing signs of recovery," said Wang, adding that the spot coal prices have increased by around 10 yuan per ton, after stabilizing for three consecutive weeks.

He stressed that the domestic coal price is closely related to the global economic environment as well as to the mainland's economic situation, as the Chinese economic growth is expected to be stronger in the second half. He believes that there is room for coal prices to rebound in the second half too.