Morningstar price target $3.20, page-50

Probably could have worded it better. Trying to point out global demand is down due to many manufacturing factories still not at 100%, more people working from home so building electricity useage down, steel supply/demand also lower as a result etc etc.

At the same time Supply is down even more primarily due to China not wanting to directly take Aus coal and other suppliers having production shortages due to Covid and also not being able to supply the high quality coal in the quantities required, hence prices are going up.

I would estimate our site stockpiles would be at 80%+, this doesn't make sense to keep them that high over summer and risk spon con fire starting and not take advantage of spot prices at the moment being greater than future sales. We produce 5 days a week and can ramp up to 7 day production if demand changes. We could easily do this to meet future sales.

I would love to see some numbers of the Newcastle port stockpile levels and coal throughput. From all accounts they are holding a lot of stock too