From the McCloskey Coal conference website,

 

With the turbulence of 2008 behind us, and 2009’s own turbulence upon us, the global coal markets look for direction.

As buyers, sellers and their transporters adjust to new economic realities, four months of commercial hibernation appear to have given way to a market that seems reminiscent of early 2007, with API2 in the $70-80mt range and Central Appalachian prices in the mid $50s (per short ton). Furthermore, Asian buyers are targeting coking coal prices of $100, which are eerily similar to the FY07 price of $98.

US coal exports for 2008 finished at slightly more than 73mt, well above 2007 levels, but less than many had predicted at the beginning of the year. Coal imports totaled nearly 31mt, down 2mt from 2008, but in line with expectations. We enter 2009 in the face of producer cutbacks, along with deferred capital projects and an attempt to rein in costs. In the power sector, low gas prices have impacted coal generation, which is faced with the delivery of high priced coal purchased during the rising market last year.

Read the rest on the McCloskey website.