DAILY: China's thermal coal extends decline, yet buoyant signs emerge

China's thermal coal market remained on a downward trajectory on July 7, extending a decline that has lasted for more than two weeks. Even so, tentative signs of a floor are beginning to emerge, supported by expectations of firmer seasonal demand and renewed volatility in global energy markets amid ongoing Middle East tensions, which have lent a modest lift to sentiment.

On Tuesday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at northern ports at Yuan 808/tonne ($118.8/t) FOB with VAT, down Yuan 7/t from Monday. The 5,000 kcal/kg and 4,500 kcal/kg NAR grades fell Yuan 7/t each to Yuan 715/t and Yuan 616/t, respectively. At ports along the Yangtze River