It's actually pretty incredible they only had a 7% discount to NEWC from such a high fraction of low CV coal. The last time it was this high was Dec 21 quarter and the discount to NEWC was 15% and that was with the met coal price higher than NEWC.
This time met coal is way lower than NEWC so met sales are dragging the average down, not up. Although WHC does say they got a 36% premium to the JSM index which presumably is because any of the mid-grade met coal has been diverted to thermal and only the high quality coking coal has been sold as met.
Regardless a very good result from a realised price point of view given the flooding. Heading into a drier period now so high CV sales should hopefully return to normal.
Ann: December 2022 Quarterly Report, page-40
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