I believe it is because Werris Creek is producing PCI and Tarrawonga is producing semi-soft coking, neither of them are premium HCC. @hagetaka will know specifics. But you’re right, the discount got extra steep in December:
Daunia and BW get much better realisation, from memory it’s around 90% - it’s in the October M&A presentation pack.
WHC Prices Realized Thermal vs. Met Coal, page-2
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