DAILY: China's thermal coal prices drift lower, yet hopes remain

The Chinese domestic thermal coal market lost more ground on January 20, with trading at northern ports thinning markedly as buyers stepped back. Still, some traders pinned their hopes on another wave of buying before the Chinese New Year holiday starting mid-February.

On Tuesday, Mysteel's assessments for the 5,500 kcal/kg, 5,000 kcal/kg, and 4,500 kcal/kg NAR grades all extended a Yuan 4/t daily fall, reaching Yuan 696/tonne ($100/t), Yuan 610/t, and Yuan 518/t, respectively, FOB northern ports with VAT. The prices had declined for four straight sessions, losing a total Yuan