You only have to look at the sale price announcements from NHC to realise they have exposure to spot pricing. My understanding is most players have contracts that make up the bulk of their supply. Extra can be sold into the spot market. BUT, a lot of the bulk supply contracts are simply to lock in supply and are linked to spot prices in some way.
In short, NHC has a lot of exposure to coal pricing.
NHC acquisition?, page-9
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