PJ,
Nearly all OS contracts are in US$ and the fluctuation of the exchange rate also has a marked effect on coal price, cost of capital for equipment and services and cost of production. At the moment an easing of the thermal price is partially reflected by the easing of the A$. ie coal price of US$110 at exchange rate of $1.10 is the same as US$100 at exchange $1.00. Not saying there are not supply and demand issues also and as Val points out, these are todays issues, not those of MTE, BND, SMR, EOC etc who will come into production during the expected resurgence from 2014 on.
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