"If you take coal prices, chart them in euros and strip out the currency effect, you have a declining price," the trader said.

“如果你把煤炭价格用欧元列出来，剔除货币的影响因素，你会得到一个下降的价格，”该贸易商表示。

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While one trader said that current physical deals were aligned with paper values, another pointed out that the API2 index, against which coal swaps are settled, is derived from spot physical trades.

一个交易商指出，目前的现货交易和票据市场的价值保持一致，另一个则指出作为煤炭掉期交易的标准的API2指数是从现货实际交易中产生。

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