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As of January 4, a makeup workday in China for the New Year's Day holiday, Mysteel assessed the benchmark 5,500 kcal per kg NAR thermal coal at RMB 690 per tonne (USD 98.8 per tonne) FOB northern ports with VAT, up by RMB 3 per tonne from a week earlier.
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The market started recovering on December 30, when downstream buyers moved to seek spot cargoes at northern ports, anticipating cold weather systems to boost residential heating demand in early January across many places in the country, as Mysteel Global reported.
At the same time, traders became more reluctant to offer price cuts after prolonged losses over the past month. Besides the emerging demand, their firmer pricing stance was also encouraged by higher procurement prices of China Energy Investment Corporation, the country's largest coal group, for coal cargoes from other mines, which reinforced expectations for market stabilisation.
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