Credit Suisse Group has conducted the first brokered coking coal swaps trade globally, Bloomberg reports. The transaction is the second over-the-counter swaps trade for the steel-making raw ingredient.
The Swiss bank concluded the first cleared coking swap trade for 60,000 tons directly. The lender was one of the traders that purchased or sold 9,000 tons of coking coal priced at $245 per ton for the first quarter of next year. The counterparty in the deal was not identified.
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