DAILY: Indonesian thermal coal loses ground on China's price slump

Indonesian thermal coal prices extended their losses as of December 10, pressured by a sustained downturn in China, their largest export market. With demand providing little support, the market showed no signs of stabilizing.

On Wednesday, Panamax cargoes of Indonesian 3,800 kcal/kg NAR thermal coal were mostly offered at $47-48/tonne FOB Kalimantan. A few trades were heard concluded at $47/t, which sellers described as their lowest acceptable level for now, Mysteel Global learnt. Even so, further price downside seems inevitable in the days ahead,