China’s state economic planner said two of the nation’s top coal mines signed long-term supply contracts with utilities at a quarter below current spot market rates, as the government ramps up its efforts to cool the red-hot market. Shenhua Energy Co and ChinaCoal Energy Co agreed to sell their coal at 535 yuan ($79) per tonne under long-term deals which start as soon as Dec. 1, Xu Kunlin, vice secretary general of the National Development & Reform Commission (NDRC), said at a briefing on Wednesday. NDRC officials said the contract price would be a reference point that could fluctuate depending on market conditions and may even last longer than one year. The NDRC is encouraging the miners to sign supply deals with power companies for as long as a […]