The market in March was defined by bearish demand, as the cold snap impacts subsided, especially in China. Newcastle high ash prices led the decline, falling 16% from February to US$73/t . There are additions being made to Chinese coal production, while seaborne suppliers are looking to maximize exports. JPU talks continue, adding further uncertainty in the following months for buyers while supply is relatively more sufficient. Aurizon's maintenance schedule, recent flood alert in New South Wales, and lower-than-expected production from CIL, could provide near-term price support. But, we don't expect these would offset the downward pressure we see from the key pacific demand centres in Q2.