Peak commodity delusion is at hand, from Peter Martin:
Quietly, the mining industry has just doubled the price of coking coal. Instead of getting $US81 per tonne as it did back in March, for the next three months it’ll get $US200 per tonne from Japan, the most in four years. And Japan has reason to be grateful. The so-called spot price has surged even higher, to $US213 per tonne.
If it stays there, or even near there, a good chunk of Scott Morrison’s budget problems will have vanished, just as they vanished for Peter Costello during the mining boom at the start of the century.
