DAILY: China's spot thermal coal rally eases as gov't prioritize contracted supply

China's spot thermal coal prices extended gains on May 9, a makeup working day after the Labour Day holiday (May 1-5), but the rally slowed markedly as buying appetite cooled after railway authorities began prioritizing long-term contract shipments over spot cargoes.

Mysteel assessed benchmark 5,500 kcal/kg NAR thermal coal at Yuan 833/tonne ($122.6/t) on Saturday, FOB northern ports with VAT, up Yuan 4/t from the previous trading day. The increase was significantly smaller than the Yuan 8-9/t daily gains seen earlier in the week, indicating that the recent rally was