Ann: Update on COVID-19 - earnings guidance withdrawn, page-22

that certainly a simplistic way of seeing it......somewhat hopeful though
History has shown us that most commodities can trade much lower than cost for a sustained periods of time.
Oil right now trading 50% below average cost of production and that commodity has a cartel like arrangement whereby countries can OPENLY agree to cut or add production.

NZ has a distinct disadvantage when it comes to coal as we are so far away from our markets and our ports are shallow limiting the size of ship that can be loaded here.

Does not seem to be much chatter on here on why coal prices have fallen so far in the last several months.
Those that think it is a covid 19 thing "and the world will get over it at some point" should ask themselves why most of the drop off in coal occurred well before covid 19 became an issue.

What has been occuring is North Korea started to ignore UN sanctions last year and has been exporting coal to China again and lots of it.
Here's a link to one of the many stories out there on the WWW.

https://www.bloomberg.com/news/articles/2020-02-11/north-korea-s-still-in-the-coal-trade-and-fingers-point-to-china