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Seeking opportunities in coal trading
Coal prices are expected to have better support this year than last, but trading opportunities will lie in relative-value strategies, say market experts. Jay Maroo reports
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Thermal coal prices, which have fallen steadily in the past 10 months, are expected to remain flat or slightly higher this year, with more support seen for benchmark API 4 contracts than API 2, according to analysts and market participants.
The major benchmark swaps contracts API 2 (European imports) and API 4 (South African exports) hit highs in early April last year of around $129 a tonne and $124 a tonne respectively, and fell steadily for the rest of the year (see figure 1). API 2 is down 23
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