Credit Suisse: first cleared coking coal swap
Credit Suisse and a major coal counterparty have executed the first cleared coking coal swap. The six-month tenor transaction allows the counterparty to swap exposure to floating coking coal prices for exposure to a fixed price, based on 60,000 tons referenced to the Platts Australian coking coal index.
According to the bank, coking coal swaps will allow steel mills to hedge their exposure to all their floating input costs, including iron ore, metallurgical coal, power and scrap.
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