On the prospect of China re-entering the market for Australian...

On the prospect of China re-entering the market for Australian coal, in my opinion it won't impact the 6,000 price much as China has never been a significant importer of this quality. It will put a rocket under the lower CV ranges though, particularly 5000-5500, which it prefers to import. Since the imposition of the Chinese import ban, the 5500 price has fallen from around 80% of the 6000 price to around 40% ex-Australia, due to China previously importing so much of the lower quality coal. So from a stock perspective, it's more likely to boost YAL revenues than NHC and WHC due to the coal types these companies sell, but I think the overall sector will get a boost from the general positive sentiment.