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.