Both Australia and Indonesia made their comebacks to the exports market in April after the flooding and infrastructure issues. However, prices have responded differently due to varying demand dynamics and policy impact across regions. A resurgence in coronavirus infections in India, new 17-day lockdown in Japan, potential voluntary cut at coal plants in South Korea, higher carbon and lower gas prices in Europe all add downside pressure to high CV demand and prices in the near term. On the other hand, China demand have continued to surpass expectation, providing strong support to Indonesia prices in the near term. The China coal ban is the largest single uncertainty. It is hard to see an ease in trade tensions between China and Australia anytime soon. Newcastle high ash discount compared to its peers will remain high until we see a silver lining.