DAILY: China's thermal coal rally eases as port inventories continue to climb

China's portside thermal coal prices rallied for a sixth consecutive session on July 20. Yet the upward momentum moderated as stockpiles at northern ports continued to build, fueling concerns that traders may be forced to accelerate stock clearances at lower prices amid mounting inventory pressure.

On Monday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at northern ports at Yuan 822/tonne ($121.4/t) FOB with VAT, up Yuan 3/t from last Friday, the smallest daily gain since uptrend began on July 10. The 5,000 kcal/kg NAR and 4,500 kcal/kg NAR grades also rose Yuan 3/t each