DAILY: China's thermal coal gains further steam on capacity cut rumor

Bullish sentiment in China's spot thermal coal market intensified on January 7 amid market talk of production capacity cuts in Northwest China's Shaanxi province, extending the ongoing price rebound, sources said.

On January 7, Mysteel assessed 5,500 kcal/kg NAR coal at Yuan 697/tonne ($99.6/t), FOB northern ports with VAT, up Yuan 3/t on day. Lower-calorific value grades continued to lead the gains, with both 5,000 kcal/kg and 4,500 kcal/kg NAR coal rising Yuan 4/t to Yuan 607/t and Yuan 514/t,