Coal CIF ARA prices, $/mt last = 56.25 1w: -0.1 (-0.3%)
Consensus (median)74577076
Standard Deviation1518180
Count of Estimates9641

I think that thermal coal is strongest short call, I call for prices to fall from current levels by ~25-30%, down to ~75 $/t FOB Australia. The recent rally was mainly trader-driven. At the moment Chinese government is tolerance of higher prices, but I believe that such situation is temporary. In the medium term, however, prices will be traded in 65-75 $/t range due to Chinese measures to constrain supply. In the long-term, I am bearish as we will see multiple waves of LNG supply from the US.