China Shenhua Energy says room for coal prices to rebound in H2

HONG KONG Mon Aug 27, 2012 12:23am EDT

HONG KONG Aug 27 (Reuters) - China Shenhua Energy , the country's largest coal producer that also owns power plants, railways and ports, said on Monday that coal prices have room to rebound in the second half of the year.

Wang Jinli, vice president of Shenhua, said overall inventories in China have started falling and that could help buoy prices in coming months.

Wang was speaking after the company posted a 17 percent rise in net profit for the first half of 2012, beating forecasts, on higher sales despite a weakening coal market. (Reporting By Charlie Zhu and Alison Lui; Editing by Richard Pullin)