ZEN,yes, the prices of the coalies have already fallen to...

ZEN,
yes, the prices of the coalies have already fallen to reflect this expectation, the question being whether Japs are genuinely overstocked or just foxing. We will find out in the next month or so when prices negotiatied. If contract prices do not fall as much as expected then there could be a rebound up.
The rise in oil price also makes coal a more attractive alternative. Demand for energy will be relentless, but it is more a question of producers keeping a lid on costs. Being open cut MCC should not encounter the problems of CEY. EXL offers the greatest growth potential. l dont see this as the time to bail out, but who knows how much downside still exists!