* China slowdown hits equity and commodity markets
* Monsoon season curbs Indian demand
LONDON, Aug 26 (Reuters) - European thermal coal prices held near a 12-year low on Wednesday, as fears over the economic outlook in top consumer China weighed on commodity markets.
A downturn in Chinese economic growth, which some analysts say is already running well below officially reported levels, has sent equity and commodity markets reeling.
Faced with a run of weak economic data, China pushed down the value of the yuan earlier this month, increasing the chances that the world's biggest coal importer will become a net exporter.
"China has been the floor in this market for six years now and if those guys stumble, be it a currency devaluation or a genuine slowdown, coal is going to be on the frontline of things to get hit," a trader said.
"It (China) only takes imported coal if it makes sense on price."
European API2 2015 coal futures were up 0.15 cents or 0.3 percent at $51.70 a tonne, just above a 12-year low of $51.35 hit on August 24.
European cargoes for delivery into Amsterdam, Rotterdam or Antwerp (ARA) in August were down 0.05 cent or 0.1 percent at $52.95 a tonne.
Chinese coal imports have already fallen sharply in 2015, due to the government's concerns over the environmental impact of coal power generation and its desire to help financially distressed domestic coal producers.
Glencore GLEN.L said last week that it expects the fall in Chinese imports to be offset to some extent by a fall in output from Indonesia.
Rising Indian imports have also helped, although deals have tapered off during monsoon season.
In South Africa, prompt cargoes from the Richards Bay terminal last closed at $52.35 a tonne, down around 6 percent over the past month, as weak Indian demand weighed.
"A lot of the Indians have pulled back from wanting to buy, everyone is taking a wait and see approach in case this (China's slowdown) turns into something bigger," said the trader.
"You're in Indian monsoon season as well, so it's typically a quiet time, arguably once we get through the monsoon everyone is going to want to do some restocking."