coal volumes fall, iron volumes rise.

I'm expecting a flat to +ve second half.....

Coal
Production of salable and raw black coal is estimated to have decreased in the quarter. Black coal export volumes also decreased by 14 per cent to 58 million tonnes. In the March quarter, export unit values for thermal coal declined by 11 per cent, reflecting lower spot prices. The combination of lower export prices and the decrease in export volumes resulted in export earnings decreasing by 13 per cent to $5 billion. Export unit values for metallurgical coal declined by 18 per cent in the March quarter, reflecting increasing volumes sold at a discount to contract prices. Weaker global demand for steel-making raw materials was reflected by a 26 per cent decline in export volumes for metallurgical coal, which contributed to a 39 per cent decline in export earnings to $7.6 billion.


ron ore
Despite interruptions caused by heavy rain at Rio Tinto’s and Fortescue’s Pilbara operations, iron ore production remained flat in the March quarter 2009 compared with the December quarter 2008. However, export volumes increased by 13 per cent in the March quarter 2009. This increase more than offset a decline in the export unit value, resulting in a 3 per cent increase in iron ore export earnings to $9 billion.