DAILY: China's thermal coal rally continues amid tight fundamentals

Thermal coal prices at China's northern transfer ports extended their rally for a sixth straight session on August 7, as tightening supply and accelerating destocking at ports continued to buoy market sentiment, pointing to further upside in the near term.

Last Friday, Mysteel assessed the benchmark 5,500 kcal/kg NAR thermal coal at northern ports at Yuan 849/tonne ($125.4/t) FOB with VAT, up Yuan 4/t from Thursday. The 5,000 kcal/kg and 4,500 kcal/kg NAR grades also gained Yuan 4/t and Yuan 5/t to Yuan 759/t and Yuan 672/t, respectively. At eastern