DAILY: Port destocking sends China's thermal coal prices higher

On January 4, a makeup working day after the New Year's Day break, China's spot thermal coal prices edged higher as accelerated inventory drawdowns at northern ports bolstered bullish sentiment, prompting traders to adopt a firmer pricing stance.

Mysteel assessed 5,500 kcal/kg NAR thermal coal at Yuan 690/tonne ($98.8/t) the same day, FOB northern ports with VAT, down Yuan 2/t from December 31, the last working day before the holiday. The 5,000 kcal/kg and 4,500 kcal/kg NAR grades each rose Yuan 4/t to Yuan 595/t and Yuan