..it is no coincidence that the coal price is going backwards as...

..it is no coincidence that the coal price is going backwards as did lithium - it has to do with a struggling Chinese economy and the spectre of recession happening across the globe (UK, Japan).

5 year view
Coal - Price - Chart - Historical Data - News (tradingeconomics.com)

This past week, coal stocks are going backwards while materials/resource stocks got a bid.

Peabody Energy (BTU) -5.38% the past week
AMR +1.34% the past week but down -3.27% yesterday
Arch Resources (ARCH) -2.9% the past week
Warrior Met Coal ( HCC) -2.34% the past week , -7.42% the past month
Consol Energy (CEIX) - 5.43% the past week, -16.31% the past month

and at home

Whitehaven Coal (WHC) -4.93% the past week (on lower dividends) -11.76% the past month
New Hope (NHC) -2.88% the past week -4.53% the past month
Yancoal (YAL) -3.79% the past week +4.3% the past month
Stanmore Coal (SMR) -1.11% the past week -10.97% the past month

and looking at the price chart, there's nothing stopping coal price declining a further 35-40% to levels last seen in 2020-21 should we see a broadening out of recessions across the world that would stymie industrial activity.

If you look at the All time view in the WHC chart, you see that we have had periods of peak and troughs in waves, and in each wave, it experienced a Xmas tree Nordique retracement back to where the rally began, now fast forward to 2024, it is looking every bit like breaking down in similar fashion, once it takes out $7 and showing no signs of recovery.