DAILY: High stocks undermines China's thermal coal market

Record high coal stocks at northern China's transfer ports continued to undermine the country's spot thermal coal market as of Tuesday, driving down coal prices closer to a low recorded in January 2021.

Another decline of Yuan 5-10/tonne ($0.7-1.4/t) was seen in offers from the portside traders on May 23, with the 5,500 kcal/kg and 5,000 kcal/kg NAR coal pegged at Yuan 955/t and Yuan 845/t FOB, Mysteel data showed. Coal stocks at eight major Bohai-rim ports jumped to at least a four-year