Evolving weakness in prices this month has ignited some concern amongst miners, eyeing the potential of worsening trade tensions, ongoing import quotas in China, and potential supply increases later this year. The immediate outlook is for further weakness, but the price declines so far are occurring largely as expected, and have been comparatively modest. Price support from China still lies around US$190/t and we expect moves to protect economic growth in China will help the market avoid major price falls for premium coals. Spot PCI and SSCC prices look set to struggle, despite a shortage of availability. Prices for premium HCC will fall below US$190/t during July and August but we expect a return to US$200/t plus prices sometime in Q4 as supply tightness reclaims its place as the dominant market force.