Its Over, page-14075

The current super-normal coal prices are a consequence of a massive supply-side shock, which has been in the making over the past decade or so. Well before the Russian Invasion on Ukraine.

The differentiating feature between coal and other commodities is that there has been an active policy strategy to limit global investment in coal capacity (along with other fossil fuels) at a time when demand for coal continues to rise due to accelerating energy demand in the developing world.

No legislated supply restrictions which have applied to coal capacity, have occurred in the global iron ore, copper, nickel or other metals.