Matt Warder Good afternoon Coal Traders! Just finished adjusting...

Matt Warder Good afternoon Coal Traders! Just finished adjusting our rollingaverage US coking coal price relativities and not much has changed - allindices within 1.2% of last week. Argus held physical prices steady today amida downbeat market outlook, with limited optimism for European steel demand andAsian buyers pushing for discounts. Tight supply and costs below productionlevels have kept US producers cautious on fourth-quarter sales. Domestic demandhas gained focus for 2025, as the timing of any seaborne recovery remainsuncertain. Tier-two sales into China have risen, but producers report thatmargins there remain unsustainable, while annual contracts are delayed withJapanese mills expected to cut volumes due to weak steel demand. Cost pressureshave led some US producers to reduce output, and ultimately those kinds of cutswe think will ultimately keep average prices somewhere around current levelsfor 2025. On the thermal side, we're trying to organize another Coal Traderpodcast tomorrow with our friend and fantastic energy market analyst MarkRossano to talk mostly about expectations for LNG markets and geopoliticalrealignment post-US election, as each will have iterative effects on coalmarkets. Just FYI, aside from the occasional chat, this will also probably bethe last TCT content distributed to free subscribers until the holidays, as ourtravels are winding down and we'll be headed back into the office. But thatsaid, TCT subscriptions make a wonderful holiday gift for Friends of Coaleverywhere! -MW/JA