Api2 swaps hit fresh nine-month lows amid bearish sentiment

摘要

European API2 (CIF ARA) thermal coal swaps flagged to fresh nine-month lows October 19, falling the best part of $2/mt amid a continuing three-day sell-off fueled by general bearish sentiment on oversupply and low demand. Front-quarter API2 prices opened slightly higher, but backtracked as the day progressed, with one source blaming the sell-off on lower German power prices, although another trader noted that sentiment out of the International Coaltrans conference in Madrid had seemed bearish with European stockpiles high, demand low and supply stable.