Thermal coal's bull-run is beginning to sputter. Physical trades have fallen US$25/t from their peak in mid-November. The surprise election of Donald Trump is not the reason. Chinese policy is; the relaxation of the 276-work day capacity restraints until the end of March theoretically eases Chinese supply. A weaker Renminbi (as a consequence of stronger US dollar since the election) also helps keep international price ceilings lower. Yet demand is still strong, especially in regions facing largescale nuclear outages - South Korea and Europe mainly.