Europe-delivered coal prices are trading at a premium to Aus- tralia-loaded prices for the frst time in 12 months as European buyers look to secure cargoes ahead of winter. This is likely to result in a greater proportion of global high-calorifc-value (high-CV) coal supply being diverted to- wards the Atlantic basin, especially if coal-gas fuel-switching dynamics limit demand from Japan, South Korea and Taiwan, principal buyers of high-CV coal.
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