With Price of Coal = 10 x JKM LNG the coal price (at the moment) should be support at $270 on next years yield curve and back up to over $300 by next winter.
Next winter is the kicker because Europe, in theory, won't be able to restock using Russian gas. They'll need to rely on other sources which should be bullish for coal to replace summer gas electricity generation.
Chart, page-26
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