DAILY: China's thermal coal market turns bearish after holiday

China's thermal coal market reopened after the Dragon Boat Festival holiday on June 22 to a distinctly softer tone, as persistent rains kept coastal coal consumption low and buying interest virtually absent.

Market sentiment has turned markedly cautious, sources said. With the stalemate now entering its third week, more traders are offering lower prices to clear stocks. However, downstream buyers, comfortably stocked from consistent long-term contract deliveries, showed little interest in spot cargoes – even at lower prices levels – leaving