DAILY: China's thermal coal rally cools as profit-taking emerges

Domestic thermal coal prices at China's northern transshipment ports rose for a ninth consecutive session on August 12, though the rally moderated as traders locked in profits after the two-week run-up. The easing does not necessarily signal an imminent reversal, however, with elevated coastal coal consumption and sustained port inventory drawdowns still underpinning the market.

On Wednesday, Mysteel assessed 5,500 kcal/kg NAR thermal coal at northern ports at Yuan 861/tonne ($127.1/t) FOB with VAT, up Yuan 2/t from Tuesday. Both 5,000 kcal/kg and 4,500 kcal/kg NAR grades rose identically to Yuan 771/t and Yuan 685/t, respectively. At eastern Yangtze River ports, 5,500 kcal/kg and