WEEKLY: China's thermal coal retreats after breaking above Yuan 1,000/t

The rally in China's thermal coal market ended last week (September 711), with prices briefly climbing above Yuan 1,000/tonne ($149.1/t) before retreating, as a stronger supply signal from the government weakened sellers' willingness to hold back cargoes.

According to Mysteel's assessment, the benchmark 5,500 kcal/kg NAR thermal coal traded at northern ports rose Yuan 42/t on week to Yuan 985/t as of September 11, FOB with VAT. At Qinhuangdao port, offers for Shanxi-origin 5,500 kcal/kg NAR coal once touched Yuan 1,010/t during September 9-10, a near-three-year high,