Reborn in 2016, the new metallurgical coal market has experienced its first major teething problem, with Chinese customs delays, restrictions and an Indian demand slump combining to send prices tumbling since mid-2019. The next two years are suddenly less predictable. The volatility of these early years will eventually make way for greater stability, and persistent growth as the metallurgical coal market matures. However, growing pains are inevitable, particularly as China transitions to a lower growth, less steel-intensive economy, in which metallurgical coal demand falls persistently. We still envisage the period between 2021 and 2024 being one of structural readjustment, with both Chinese and International prices falling, and support eventually being provided by mine production costs. Ultimately though, an elixir of rapid Indian demand growth, and a supply pipeline under severe pressure, will reinvigorate trade growth, and keep real prices on an upward trend into the long-term.