(Beijing) – China's economic planner has partially reversed course, deciding to let some coal companies increase output in an effort to cool soaring coal prices that were fueled by an earlier policy designed to reduce capacity by 16 percent.

Seventy-four thermal coal producers signed an agreement with China National Coal Association to increase daily coal production, according to officials at a National Development and Reform Commission meeting Thursday. Under the deal, the companies may increase production by 500,000 tons each if the benchmark Bohai-Rim Steam-Coal Price Index (BSPI) stays over 500 yuan ($75) per ton for two weeks, and may continue the added production until the index drops below 460 yuan per ton.