Europe-delivered CIF ARA year-ahead thermal coal swaps have slipped to record lows below $51/mt, with a number of factors weighing on the market. Weak macroeconomics and crude oil have particularly weighed on the back of the forward curve, resulting in a backwardated structure. Platts thermal coal editors Jaime Concha and Jacqueline Holman examine the factors pressuring CIF ARA paper prices and what has caused the curve to move into backwardation.
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