DAILY: China's pithead thermal coal diverges as some miners lower quotes

China's pithead thermal coal prices diverged on September 4, with some mines that had raised offers aggressively beginning to cut them, while others held steady or pushed quotations higher. Market sources said the moves suggest the market is shaking off excess froth after the recent sharp rally, rather than embarking on a broad correction.

In Northwest China's Shaanxi province, some coal mines cut prices twice on Friday, reducing them by a combined Yuan 30-50/tonne ($4.5-7.4/t). Lump and nut coal products – which had seen some of the steepest gains in earlier rallies – led the declines, according to market sources. Meanwhile, other producers in