coal price -lowest settlement price since 2009, page-8

The premium of coking coal (PCI being a discount against coking not a premium over thermal) over thermal coal prices though isnt exactly constant is it and represents different industry dynamics and drivers.

I would think over the long term the whole US shale gas revolution may see thermal coal prices drop more (although with the whole turn against nuclear some are predicting coal to overtake oil and gas as the world's most common energy source). Further, you should see a drop in supply if thermal prices stay this low.

Coking coal prices on the other hand depends on the steel industry, different dynamics with industrialisation (and potential world economic output) increasing.

So it isnt necessarily the case that a drop in thermal equals a drop in PCI is it.