DAILY: China's thermal coal market cools ahead of holiday as rains cap demand

China's thermal coal market remained subdued on June 18, the final working day before the June 19-21 Dragon Boat Festival holiday, as persistent rainfall across southern, eastern, and northeastern China kept coastal coal consumption low and left utilities comfortably stocked.

While cost support from rising pithead prices and expectations of summer restocking kept most portside offers firm, an increasing number of market participants acknowledged that demand had failed to materialize as anticipated, and that the protracted stalemate was gradually undermining the bullish outlook. On Thursday, Mysteel assessed 5,500 kcal/kg NAR