DAILY: China's thermal coal price correction deepens as pressures mount

China's thermal coal market posted its third consecutive daily loss on June 25, with the pace of decline picking up markedly. The downside was driven by a stateowned coal group's second price cut within a week, a slump in seaborne coal prices, and torrential rains that curbed demand.

On Thursday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at northern ports at Yuan 856/tonne ($125.9/t) FOB with VAT, down Yuan 3/t from Wednesday – the largest single-day drop since the downtrend began. The 5,000 kcal/kg and 4,500 kcal/kg NAR grades both shed Yuan 4/t to reach Yuan 765/t