The coal price is falling fast

Here's the longer term chart:

Here's the shorter term chart (with a telling technical pattern, where short term rallies in the price fizzle out when they hit the 50 day moving average, while the 50 day moving average is way below the longer moving average):

We know that the growth in new power stations is plunging, and that by 2021 or 2, the construction of new coal power stations around the world will be less than the shuttering of old power stations.

From April 2016 to September 2018, the coal price rose strongly, and the reason for that was, oddly enough, because everybody in the market could see where coal was headed, and so there was no new investment in supply.  But recently, China has connected some of its own inland coal fields to wider markets via new coal lines.  So supply has increased, and China prefers to use its own coal over imports.  The likely rebound in Chinese growth could lead to a rebound in the coal price, not because new power stations are built, but because capacity factors at existing power stations will be increased.  Yet the inexorable decline in demand longer-term won't stop.  I think the coal price will continue its secular decline.