Looks pretty clear to me, people should be getting the FOOOOOK out.
Don’t expect any great returns from the coal market, it’s just trudging along like a lazy pig, no big demand bumps anywhere over the short to medium term. I think this down cycle could be easily 10-20 years. Those that are old enough, think back to what bulk commodity markets were like before the China boom. They were boring, steady, cheap commodities with little change year-to-year. People made money by buying into miners with tier-1 low cash cost assets or by anticipating the next commodity to have a boom in demand.
India has too many structural issues to ever exhibit the same demand growth numbers as China over the past 2 decades. Game over my friends
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