The coal price looks like it is in decline because of the crazy (high) panic pricing of last year.
That was not driven by long term supply and demand and was never sustainable long term at that level.
But all those tailwinds are there and having an impact. If you look longer term the price of coal has risen. It was US$50-100 3 years ago.
TER UNDERVALUED FAIR VALUE $1.20, page-536
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