WEEKLY: China's thermal coal market mixed as origin and port pricing diverge

China's spot thermal coal market entered a period of divergence over the week of June 8-12, with mine-mouth prices grinding higher on tightening supply while portside values remaining largely unchanged as bloated inventories and cautious buying kept upward momentum in check.

Supply-side constraints tightened further during the week, driven by intensified safety crackdowns across the three main producing provinces. In North China's Shanxi, regulatory oversight of coal mines was stepped up, and mines that had resumed operations following the late-May gas explosion were still running below pre-suspension capacity, keeping regional