Job Openings, Consumer Confidence Drop
"Bloomberg Markets" follows the market moves across every global asset class and discusses the biggest issues for Wall Street. Today's guests; Invesco Global Market Strategist Brian Levitt, Goldman Sachs Healthcare Analyst Asad Haider, and Bloomberg's David Gura. (Source: Bloomberg)
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China's Power Prices Nosedive in Relief to Tariff-Hit Factories
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The main driver is a collapse in the price of coal — down 30% over the past year — which accounts for more than half of the electricity generated in China. A shift to market-based pricing, particularly for renewables, is also helping to weaken rates. 'Generation costs are cracking,' said David Fishman, a Shanghai-based principal at consultancy The Lantau Group. 'Coal generators, when they're bidding into the system, they're able to entertain lower prices because all of the generation costs are lower.' Just as economic conditions worsen due to the trade war, Chinese industry is finding relief in the government's drive for energy security. That effort has been most successful in power markets. The country is sitting on a glut of coal that's built up over years and leads the world in its rollout of wind and solar. Lower power costs aren't universal though, because of the way the market is structured. The monthly contract declines apply to only about a quarter of electricity sales, Fishman estimated, with some 70% of transactions decided on a yearly basis. Spot or short-term trades account for the rest. Still, a lot of annual deals are at least partially tied to monthly or short-term pricing, which will have expanded the number of beneficiaries, Fishman said. 'I would be surprised if there were a lot of power buyers out there just seething, looking at the prices dropping, thinking how come I didn't see that?' he said. Policy Shifts Recent policy changes have also pressured electricity prices. The sharp drop in Jiangsu's monthly rate was largely due to the start-up of its spot market in June, said Nannan Kou, head of China research at BloombergNEF. Power generators were keen to lock in buyers ahead of the extra competition from spot traders, and lower coal prices allowed them to offer discounts while still eking out a profit, he said. Most regions in China are expected to have at least trial operations for spot markets, which rely on near instantaneous assessments of supply and demand, by the end of the year. Clean energy is a key pillar of China's embrace of market forces. Starting June 1, all renewables generators have to sell their power on the open market, although projects connected to the grid before that date will retain price protections that limit their downside. That creates the incentive to sell electricity without worrying too much about falling prices, said Lantau's Fishman, which could put more pressure on rates and deliver even lower costs to customers. On the Wire Automakers in the US and Europe raised concerns about China's export controls on rare earth metals, as Beijing's move threatens to disrupt global car production. Markets cheered in early May when the US and China agreed in Geneva to lower tariffs and other barriers. 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This Week's Diary (All times Beijing) Thursday, June 5: Caixin's China services & composite PMIs for May, 09:45 China's NEA and grid companies brief on building a modern power network at 10:00 in Beijing Chongqing Gas Exchange conference in Kunming, day 1 CSIA's weekly solar wafer price assessment Friday, June 6: Chongqing Gas Exchange conference in Kunming, day 2 China's weekly iron ore port stockpiles Shanghai exchange weekly commodities inventory, ~15:30 Saturday, June 7: China's foreign reserves for May, including gold Shanghai Platinum Week begins, runs through June 10 Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. 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