European coal derivatives lost around a dollar in Thursday trading, with API2 (CIF ARA) swaps never really recovering from a freight-induced morning sell-down. Paper market sources said that with capesize timecharter contracts in the forward freight agreements (FFA) market shedding around 3,000 dollars/day in the prompt, coal swaps took the same direction. API2 contracts rallied in the afternoon but the buy-up was short-lived and they lost extra cents just before close.
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