DAILY: China's northern ports urge thermal coal traders to clear stocks

Authorities of China's northern ports have required spot thermal coal traders to accelerate sales to free up port storage space, a move seen as a key factor behind the drawdown in portside inventories, sources noted.

Port authorities promised to reduce or waive storage fees if traders could bring their stockpiles to certain levels, one portside trader noted. However, he didn't disclose specifics, such as which ports were involved or the destocking threshold. "Since the start of this month, authorities required traders to first secure supply