DAILY: China's portside thermal coal struggles to extend rally amid thin buying

Spot thermal coal trading at China's northern ports remained subdued on November 11, with utilities hesitant to restock and pressing for lower prices. Their reluctance to accept higher prices is undermining the rally initially supported by a cold front that boosted heating demand.

On November 11, Mysteel assessed 5,500 kcal/kg NAR thermal coal at Yuan 1,026/tonne ($153.8/t) FOB northern ports, including 13% VAT, up Yuan 2/t from the previous day. The 5,000 kcal/kg NAR grade rose Yuan 1/t to Yuan 921/t, while the 4,500 kcal/kg grade held steady at Yuan 810/t. At