Short term global thermal coal market outlook

Coal and gas fundamentals in Europe appear relatively comfortable for now, with end-users and intermediaries still sat on high stocks, and with half of the winter in the rear-view mirror. But European coal imports have adjusted lower in the face of soft demand, meaning any unforeseen increase in spot coal demand, potentially triggered by disruption to high-calorific value (CV) coal supply or a sudden tightening in gas fundamentals, could cause further price volatility.
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