DAILY: China's portside thermal coal pressured by high stocks and thin trades

China's portside thermal coal market remained firmly under pressure on June 29, as high inventories across northern, southern, and Yangtze River ports continued capping any price recovery. Downstream utilities largely stuck to long-term contract coal and showed little appetite for spot cargoes.

On Monday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at northern ports at Yuan 846/tonne ($124.5/t) FOB with VAT, down Yuan 5/t from last Friday. The 5,000 kcal/kg and 4,500 kcal/kg NAR grades both fell Yuan 6/t to Yuan 754/t and Yuan 655/t, respectively. At northern ports, 5,500 kcal/kg NAR