WEEKLY: China's thermal coal edges higher as port stocks slide

China's thermal coal market gained more ground last week (January 5-9), backed by a noticeable inventory drawdown at northern ports. Despite their increased inquiries, downstream utilities were hesitant to strike deals due to high offers, raising questions over the sustainability of recent upticks.

As of January 9, Mysteel assessed the benchmark 5,500 kcal/kg NAR thermal coal at Yuan 702/tonne ($100.6/t), FOB northern ports with VAT, up by Yuan 12/t from a week earlier. Traders at major Bohai-rim ports insisted on a firm pricing stance, encouraged by a rapid drawdown in portside stockpiles. Declining