Australian coal stocks have slumped after China indicated it would not reinstate the mine production limits that sparked last year's extraordinary rally in coal prices.
In comments that caught the market by surprise, China's top economic planning agency said it would not force large-scale production cuts this year if coal prices remained in a "reasonable range".
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
Lisa Murray is Enterprise Journalism Editor and host of The Fin podcast. Connect with Lisa on Twitter. Email Lisa at lmurray@afr.com
