DAILY: China's thermal coal softens though downside appears limited

China's thermal coal prices at northern transfer ports edged lower on March 31, as sentiment weakened amid a prolonged trading stalemate. However, traders' firm resistance to selling at low prices helped cap the downside, while some market participants anticipated a potential rebound ahead of the Qingming Festival (April 46), sources said.

On Tuesday, Mysteel assessed 5,500 kcal/kg, 5,000 kcal/kg and 4,500 kcal/kg NAR thermal coal at Yuan 760/tonne ($110.4/t), Yuan 680/t and Yuan 592/t, respectively, FOB northern ports with VAT, all down Yuan 1/t on day. The pullback ended a week-long rally since March 19, when the benchmark 5,500 kcal/kg