DAILY: China's pithead thermal coal rebounds on pre-holiday buying

China's pithead thermal coal market reversed course on September 16, as the number of mines raising prices surged, outnumbering those cutting prices. Sources said downstream buyers stepped up restocking ahead of the Mid-Autumn Festival and National Day holidays, while ongoing safety inspections kept supply tight.

Sources said bullish sentiment heated up yesterday, with many mines raising prices, mostly in the Yuan 5-20/tonne ($0.7-3/t) range. Some best-selling products even saw one-off hikes of Yuan 30-40/t. According to Mysteel's daily survey of 106 thermal coal mines across major producing regions on Thursday, 21 mines raised prices by