2020-09-01_GENERAL DOCUMENTS - C1980004 (6)

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Case 1:20-bk-12043 Doc 281-1 Filed 08/26/20 Entered 08/26/20 10:01:13 Desc Exhibit A Publications Page 5 of 35 Coal Price report Market Commentary ,fudge approves xf Bob bob.hodge@ihsmarkit.com Rhino bidding and • Industrial markets had slow half. • Still playing catch-up. sate procedures • Prices take a hit. By Steve Hooks, • PJM coal use down. steve.hooks@ihsmarkit.com "Last year we said, 'Things can't go on like this, and they didn't. They Rhino Resource Partners gained got worse." its bankruptcy court's approval Will Rogers Wednesday of bidding and sale procedures for "substantially No doubt the industrial coal markets took a hit during the second all" of its assets, which Rhino quarter, but it wasn't the same type of hit the utility markets saw. anticipates will be acquired For the industrial world, it was a gut punch. The utility markets by a preselected "stalking were more of a roundhouse to the jaw. horse" bidder. An industrial coal seller in Central Appalachia said that he was However, the bidding hearing about and experiencing some deferred shipments during Q2 procedures are open to as some industries idled facilities and sent workers home. He said potentially better offers of that his particular shipments normalized in mid-May but have been any or all of Rhino's assets, playing catch-up since. grouped into six categories. A He said the reasons for some shipments still lagging was due to "confidential electronic data scheduling conflicts with the railroads and some facilities reopening room" is available for potential but not yet back to running at 100%. He believes that catch-up mode bidders to examine asset details, will probably run into the fall, but that's not the reason the industrial provided such an interested markets could be a bit shaky as 2021 deals are being hammered out. bidder "has a bona fide interest in As when the overall coal markets were in a downturn four and five some or all of the asset groups," years ago, competition for sales has heated up and that's knocked according to the order signed prices back. Companies are also being cautious about how much they by U.S. Bankruptcy Judge Guy will be buying for'21 because the economy has improved but the R. Humphrey. recovery is still ongoing. Rhino, along with its "I think you can draw a bit of a parallel with the met markets," subsidiaries and certain affiliates, he said. "Our customers have (buying) options and are seeing a lot filed for Chapter 11 status on July of prices that they didn't see last year or the year before. And they 22 in U.S. Bankruptcy Court for are still trying to figure out what their needs for next year are going the Southern District of Ohio. to be." The deal with the stalking horse Those calculations are varying from industry to industry as a bidder, previously reported as chemical plant may not have missed a beat during the pandemic while Colbeck Capital Management, a cement plant saw construction slowdowns that still haven't regained is in conjunction with $11.75 momentum. And even within industries, like paper, one segment million of arranged post-petition continued on page 2 IHS Markitg �/�1�� 2U�O it i5 M3r�.it'' A,11 nght � re,<rv:c