On Thursday I had Matt Warder of The Coal Trader back on the podcast to give us an update on everything going on with coal. We also talked about the Strait of Hormuz, the various ripples in supply chains and the general macro environment, and the impacts of AI on small business and other parts of the corporate world. For anyone interested in commodities and coal specifically, it’s a must listen. You can find The Coal Trader Substack below, but he’s also on Twitter.
Podcast Summary
An overview of thermal and met coal markets, and how recent events put a floor under the different price benchmarks.
The inflationary setup that is in the pipeline for the back half of 2026.
China’s steel market, US tariffs, and how it ties in with coal prices.
The different opportunities in the coal sector, and the Australian royalty regime that differentiates US producers from Australian producers.
Fed policy and what Warsh might do as the new chair.
Why he expects rates to head higher on a long-term basis.
The impact of AI on small business, and the strengths and weaknesses of the technology.
Book Recommendation: The Fourth Turning Is Here by Neil Howe.
