DAILY: China's thermal coal market shows mixed trend

China's thermal coal market gave mixed signals on June 1. Pithead prices lost momentum as more mines resumed production and buyer resistance built up after weeks of price gains, while prices at northern ports extended their advance, supported by intact bullish factors -- elevated shipping costs, rising daily coal burn, firming import prices, and expectations of a demand spike during the peak summer months.

On Monday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at Yuan 856/tonne ($126.6/t) FOB northern ports with VAT, up by Yuan 2/t from the previous session. The 5,000 kcal/kg and 4,500 kcal/kg NAR grades both rose by Yuan 2/t to Yuan 768/t and Yuan 673/t, respectively. In major producing regions,