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