DAILY: China's thermal coal drop accelerates despite uptick in utility burns

China's thermal coal market recorded its steepest single-day decline on July 3 since the correction began about two weeks ago, reflecting waning confidence for a swift market recovery during the peak summer demand season, as rising utility consumption failed to translate into immediate spot buying.

On Friday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at northern ports at Yuan 822/tonne ($121.1/t) FOB with VAT, down Yuan 8/t from Thursday – the largest daily drop since the downturn began on June 23. Likewise, the 5,000 kcal/kg and 4,500 kcal/kg NAR grades also fell Yuan 8/t