China: Thermal coal prices drop by $23/t, w-o-w, as govt adopts tough stance

Thermal coal prices in China dropped recently as the government adopted a tough stance on bringing prices within a reasonable range. Domestic 5500 NAR coal prices are currently assessed at RMB 900/t ($142/t) ex-Qinhuangdao, down by RMB 145/t ($22.89/t) w-o-w. The government has mandated a price ceiling for portside sales at under RMB 900/t and for pithead transactions at less than RMB 700/t ($110.50/t).