All great points that could be and were made at end of March...

All great points that could be and were made at end of March start of April when the coal price behaved in exactly the same way that it has in the last two weeks. The conclusion? We know very little and what we do know is only a small part of the broader cogs in the works.

Is this drop different to the one that happened in the same fashion 11 months ago? The drop at the time happened between monthly change in prices in the last week of March and first week of April. All macro-economic factors still point to bullish coal prices, and so does backwardation.

What we do know is that the market is an inefficient system that does not respond to all input variables. It does not react on a knee jerk effect; it takes its damn sweet time to revalue stocks and asset prices appropriately.

All things said and done; we will still have chicken littles screaming that the sky is falling as with March/April 2022 price action. Do we give in to fear and worry or work with the facts that we know to be true? Your call!