Update from Fitch Positive - Stable Outlook for coal - Just came in
There are indications that the domestic steam coal market has bottomed with improving coal burn, declining inventories and firmer contracting. Fitch expects softness in the seaborne thermal market through 2013 given ramp-up of new capacity. Metallurgical coal prices are likely to remain at depressed levels to flush excess supply out of the market; this could stretch into 2014.
The Stable Outlook reflects Fitch's view that the coal markets are at or near the bottom of the cycle and should show slow recovery.