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Market Chatter: China Stockpiles 200 Million Metric Tons of Coal Ahead of Summer Heat Wave

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China has amassed over 30 days of coal reserves ahead of an expected El Niño-driven summer heat wave and power crunch, Nikkei Asia reported Wednesday.

Peak electricity demand is forecast to rise about 5% year on year, equivalent to 90 gigawatts, or the entire power needs of Henan province, according to the report.

As of April, power plants held roughly 200 million metric tons of coal, enough for at least 30 days of supply, Nikkei Asia wrote.

Thermal coal still powers over 60% of China's grid, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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