European coal prices dropped sharply today and the prompt month slipping below the $70/t threshold for the first time in two-and-a-half years. The forward curve dropped by $1.45-1.75/t today as fundamentals remained weak and traders squared off positions ahead of the weekend. Downside accelerated as the day progressed. April kicked off the session at $71/t — barely changed on the previous day’s close — but dropped fairly rapidly to a low of $69/t, before settling at $69.60/t. Prompt prices had tested the $70/t level in recent days, but today was the first time since September 2016 that they have settled below this level.
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