Hags, fluidity is not the key determinant of price, coke...

Hags, fluidity is not the key determinant of price, coke strength is. The highest CSR coals in Australia are that way due to numerous factors including ash chemistry, rank and maceral content.

Fluidity is best in coals with high vitrinite and reaches the highest levels when rank is around 0.9%. If end users were paying a premium for fluidity, then high fluidity coals like Kestrel and Gregory would be achieving better prices.

I think what you are saying is that BHP has deliberately kept all of their Moranbah Coal Measures mines and that is true. They are high quality with no secondary products.

But if Daunia's HCC can achieve 90% of PLV HCC index its a pretty good story. BMA's Goonyella Riverside achieves around that mark (HCC64 index).

At the end of the day its not just revenue but cost of production that determines the position on the margin curve.