WEEKLY: China's thermal coal faces more downward pressure

Thermal coal prices at Chinese pithead and portside markets both extended the downward trend over the week of November 2-6, as weak supply-demand fundamentals continued biting. With industrial activity still in a seasonal lull and weather forecast to be warmer than normal, the downward pressure for coal prices may persist through the end of this month.

Over the week, thermal coal prices in major producing regions stood steadily or slightly decreased, with limited favorable factors supporting the market. As of last Friday, the 5,500 kcal/kg NAR coal price that Mysteel monitors in northern China's Inner Mongolia stood flat on week at Yuan 610/t, while the