DAILY: China's thermal coal market rattled after top miner slashes buying prices

Thermal coal traders at China's northern transshipment ports slashed prices in panic to accelerate sales after the country's largest coal producer further cut its coal procurement prices, a move widely seen as a sign for weakening supply-demand fundamentals.

China Energy Investment Corporation, also known as Shenhua, cut buying prices by Yuan 8-9/tonne ($1.1-1.3/t) for all major thermal coal grades sourced from third-party mines at the Batuta railway station in North China's Inner Mongolia, effective December 15. The adjustment meant that the company will be paying Yuan 8/t lower,