US dollars Beardy T1234 - i dont quite agree your 80%. Benchmark...

US dollars Beardy

T1234 - i dont quite agree your 80%. Benchmark is set off low ash top qual lv pci by anglo or bma - so if benchmark is averaging 75% ratio to HCC - all the mines with less 'pure' lv pci then attract further discounts - or offsets if they have some better characteristics. The ratio moves around though - so one day it might get back to what you were suggesting.

fyi Current spot LV PCI is $91 US - given this continued downtrend Id say 3q settlement will be $US93ish.

interestingly - while the coal price fundamentals seem to be worsening by small degrees - there actually appears to be mild buying back into coal stocks by those thinking china widening credit lvrs again will drive coal prices back up.

though spot thermal has taken an ugly dive down to US69 now. eeek