Can someone here clarify a precedent where thermal and metallurgical coal prices are uncorrelated? I'm not an expert in this sector.
Obviously this real estate bust up and subsequent massive fall in Chinese steel production is a headwind for metallurgical prices.
However, there is a huge energy price crisis and gas shortage affecting Europe now and it isn't even winter yet. Energy demand has rebounded strongly, but supply is nowhere giving a strong tailwind for thermal coal prices.
Can someone here clarify a precedent where thermal and...
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