DAILY: China ramps up seaborne thermal coal buying for summer

Chinese coastal power producers have stepped up procurements of seaborne thermal coal to prepare for the upcoming summer peak demand season, providing support to prices of both Australian and Indonesian cargoes.

Australian 5,500 kcal/kg NAR thermal coal prices have risen notably this week. As of April 23, trading prices for this grade were reported up to $94/tonne FOB Newcastle, compared with mainstream offers of $88-89/t in early April and $88-90/t in mid-April. However, market participants noted that transactions at $94/t