MONTHLY: China's thermal coal market rallies sharply in May on summer restocking, supply concerns

China's domestic thermal coal market staged a powerful rally through May 2026, with the price of benchmark 5,500 kcal/kg NAR coal traded at northern transfer ports surging from around Yuan 806/tonne ($119.1/t) at end-April to Yuan 854/t by May 29, a gain of Yuan 48/t over the month, according to Mysteel's assessment.

The rally unfolded in two distinct phases, beginning with an aggressive post-holiday restocking push – driven by 'El Nino' event expectations and low utility inventories – followed by a late-month rebound triggered by safety inspection concerns after a fatal mining accident. May surge begins in April The month opened with a