DAILY: China's thermal coal market cracks as import collapse triggers price correction

China's thermal coal market broke decisively to the downside on June 23, with the Mysteel benchmark price recording its first decline in nearly three weeks, as the plunging import prices, persistent rainfall, and rising port stocks collectively overwhelmed the supply-side supports that had previously underpinned the market.

On Tuesday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at northern ports at Yuan 860/tonne ($127.0/t) FOB with VAT, down Yuan 1/t from the previous day – marking the first decline after 11 consecutive flat sessions since June 5. The 5,000 kcal/kg NAR grade slipped Yuan 1/t to Yuan