All you need to know about coal (Matt Warder)
We’re joined by Matt Warder for a great chat about met & thermal coal markets, what recent events have done to prices, what the transition away from these commodities will look like, which companies stand out and the age old dividend vs buyback debate.
Enjoy the yarn!
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(0:00:00)Matt Warder on MoM
(0:01:21)The market temperature
(0:05:07)Fire at Longview
(0:06:43)Spot vs contracts markets
(0:08:30)Historical trends in coal market
(0:12:03)Nat gas capping thermal coal
(0:15:27)Coal qualities
(0:18:50)Structural bottom in met coal
(0:23:17)Market sensitivety when supply is interrupted
(0:26:13)Why majors have sold
(0:31:23)Market fragility
(0:38:05)Dividends vs buybacks
(0:40:39)Over vs under