Europe’s quest to diversify its gas sourcing led to extra demand on ROW (ex-Russia). We expect LNG slope to stay high vis-à-vis 11% historical average. Coking coal price to also remain high but may moderate from US$700/t currently. However, we believe thermal coal price will fall below US$200/t soon. LNG as well coking coal users may remain under margin stress, but producers of thermal coal are well-placed. Reiterate our Add rating on Coal India.