WEEKLY: China's thermal coal prices soar as summer restocking continues

China's spot thermal coal prices extended their sharp upward trend during the holiday-shortened week of May 6-9, as coastal utilities continued active restocking for the upcoming summer peak demand season amid expectations of stronger power consumption under a developing El Nino pattern.

As of May 8, Mysteel assessed the benchmark 5,500 kcal/kg NAR thermal coal at Yuan 829/tonne ($114.7/t) FOB northern ports with VAT, up Yuan 23/t from April 30, the last trading day before the May 1-5 Labour Day holiday. The gain accounted for nearly half of April's total increase