$115 was the peak for 18/19, so we're sitting above peak here.
What's really important to factor into this is that the cost curves have substantially changed for these commodities.
Essentially the argument forward is that we're sitting at 133 a tonne in a down cycle for coal markets. So theoretically the next boom for thermal will be substantially higher than in the past.
The question is whether we are at the bottom of the cycle right now? I think so, but we'll see. Maybe you'll be right.
Target $18.72, page-9382
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