I've heard that higher inflation will affect demand for coal negatively, but i don't think it's that simple. Perhaps for Met coal you could make that argument but I don't agree it can made for thermal coal.
Thermal coal can't be substituted at this point (Inelastic demand) as there is no other way to keep everyone warm over winter. So in my view inflation is more or less meaningless in the context of Thermal coal prices.
The market may move on any news regardless though, so I can't tell you what the market will do, but fundamentally I think the spot price will be unchanged. Cost of labor and capital items could go down though which is a good thing for earnings.
Target $9.36, page-1877
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