A significant step change has taken place within the international seaborne thermal coal market in recent years. From a traditional, opaque market, based on long-term bilateral sales and purchase agreements, a nimble-traded market, based on standard contracts and active management of positions, has emerged. To many of those involved in the extraction, transport or logistics of coal, the world of online trading, price risk management and futures exchanges may seem remote, but these elements will increasingly come to define, and change, the coal business as a whole. How has international physical coal trading evolved? What key developments will delineate the path it will follow in the years to come?
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