If I was an australian miner I wouldn't be signing a long term agreement with china anyway. have a look at the volatility in the iron ore price, coking coal price and thermal coal price. If India kicks in like it has been expected to as well as other asian countries apart from china then a long term agreement will cost mines in australia billions.
Right now in the downturn exports of coal and iron ore are at highs. If the chinese go ahead with their plan for only high grade coal to be imported then Austraila will be in a much better position and suppliers like Indonesia will be doomed.
