DAILY: Thermal coal miners seek improvement by deeper price cuts

Chinese thermal coal miners were seeking some improvement in sales by deepening their price cuts on May 31. This move reflected a vicious cycle amid the market downturn and a prevailing gloomy outlook among market participants.

In Northwest China's Shaanxi province, coal miners reduced their offering prices by an additional Yuan 20-60/t ($2.8-8.4/t) on Wednesday, as multiple unfavorable factors including a weak portside market and the largest coal miner's latest reduction in purchase prices for third-party coal had weakened the near-term expectations, Mysteel learned from