Richards Bay swaps volumes down due to pricing concerns: Macquarie

摘要

A major reason why traded volumes of RichardsBay thermal coal swaps are down significantly this year isbecause the underlying price was not thought to be a reliableguide to broader market conditions, according to analysts atinvestment bank Macquarie’s research arm Friday.“The other major reason is more structural — anecdotalevidence suggests that supply of 6,000 kcal South Africanmaterial has simply been falling,” the Macquarie analystssaid in a research note.