DAILY: China's thermal coal market stalls as profit-taking hits buyer resistance

Trading in China's spot thermal coal market ground nearly to a halt on June 4, as growing profit-taking by traders hit increasing buyer resistance, deepening the standoff that has persisted since late May.

While portside offers held broadly steady, sentiment continued to soften. More holders sought to offload cargoes and lock in profits, but downstream buyers showed scant appetite for spot tonnage amid comfortable inventories and weakening coal burn, sources noted. On Thursday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at Yuan 860/tonne