DAILY: China's benchmark thermal coal prices fall below Yuan 700/t

China's portside thermal coal market remained under pressure on December 24, with tepid demand outweighing supply-side support from year-end mine production cuts. However, a drawdown in inventories at northern ports offered a note of cautious optimism.

On Wednesday, Mysteel assessed the benchmark 5,500 kcal/kg NAR thermal coal at Yuan 694/tonne ($99/t), FOB northern ports with VAT, lower by another Yuan 7/t from a day ago, according to Mysteel's assessment. This was the first time that the price had fallen below the Yuan 700/t level since