With Newcastle thermal now around US$150/t and PLV around US$200/t, the coal pricing complex is now very compressed. It will be interesting to see if thermal acts as a floor to met or if met puts downward pressure on thermal (and yes I know they're different products but there is some some substitution across TC/SS/PCI and they also share infrastructure in many places). Watch for suppliers changing behaviour.
With Newcastle thermal now around US$150/t and PLV around...
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