DAILY: China's thermal coal downturn gathers pace on weak demand

China's portside thermal coal market extended its decline for a second consecutive session on June 24, with losses accelerating as cheaper imports, strong hydropower output and weak coastal coal burn kept spot buying in check.

On Wednesday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at northern ports at Yuan 859/tonne ($126.1/t) FOB with VAT, down Yuan 1/t from Tuesday. The 5,000 kcal/kg NAR grade fell Yuan 2/t to Yuan 769/t, while the 4,500 kcal/kg NAR grade dropped Yuan 3/t to Yuan 670/t. At ports