DAILY: Sentiment drives China's thermal coal prices higher

China's domestic thermal coal prices continued to rise on February 28, a makeup workday after Chinese New Year (CNY) holidays, driven mainly by the bullish sentiment linked to Indonesia's planned production quota cuts. Market jitters were further stoked by news of U.S. and Israeli strikes on Iran, raising concerns over global energy supply, sources noted.

On Saturday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at Yuan 748/tonne ($109/t) FOB northern ports with VAT, up Yuan 5/t from the previous day. Prices for 5,000 kcal/kg and 4,500 kcal/kg NAR grades also climbed Yuan 5/t each, reaching Yuan 671/t and Yuan 584/t, respectively. Indonesia's Ministry of Energy