CIF Amsterdam-Rotterdam-Antwerp thermal coal futures prices fell by around $2 all across the curve Thursday, reversing Wednesday's gains, amid a lack of clarity in the European market, traders said.
According to sources, a general sentiment of uncertainty in Europe has guided the direction of the paper market recently, which has resulted in choppy and "unpredictable" price movements.
One trader said increased flows to northeast Asia, and in particular South Korea, along with a rise in domestic Chinese coal prices, had helped bolster the market, but there remained a lack of conviction in the multi-month highs.
"The market finds it difficult to accept [the] current price levels and market participants are not sure where the market should go. We could see a downward correction as well as prices going up," a trader said.
S&P Global Platts assessed the front quarter Q1-18 contract at $88.60/mt Thursday, down $1.95 day on day, and the year-ahead Cal-18 contract at $83.55/mt, down $2.05 day on day.
The Australian Newcastle FOB futures market saw little activity Thursday, but curve prices there also shed around $2.
