IBES Report in - WHC is a Buy, page-1093

China is still buying Aus coal. They just aren't buying it direct from us. Glencore for example is global commodity trader and is still suppling China with coal. They are blending Aus coal to fill the void.

There is some good news on the horizon for coal with covid smashing USA reducing their capacity to produce coal, plus Biden, once in will sign the Paris treaty and reduce USA coal exports, UK going into winter and having a second wave will force more lock downs and home heating (energy useage) will go up. Steel making will go down for sure as a result of less end user demand and restricted supply, both due to covid.

China can't turn off their coal demand overnight and either has to supplement via high ash low energy domestic or pay a premium to get Aus quality via longer more expensive networks. WHC has more actual exposure to what is happening locally in Japan than globally in China