My reading of the yesterday's coal market activity was that it only applied to thermal coal - for power station use. Coking coal prices although influeneced by the thermal coal price (i.e. they will always be higher) were not mentioned in market action. The coking coal sale price is largely set by the annual negotiations which have just set it at USD300 a tonne - spot prices have been higher. There is no world shortage of thermal coal expected in the next couple of hundred years - just greeny concern and mining and port capacity.
Coking coal will be in short supply until steel making by traditional means becomes too expensive.
The sharp corrections you mention tend to be temporary unless accompanied by other measures that remove liquidity from all markets. The chinese have raised interest rates and bank deposit rates heaps.