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Standard European coal agreement
The standard European coal agreement is a physical contract for coal delivered free-on-board (FOB) into the Amsterdam-Rotterdam-Antwerp area. It is traded in contracts (lots) of 5,000 tonnes for delivery and priced at 6,000 kilocalories per kilogram.
Although it is primarily a physical contract, counterparties have the option, where mutually agreed, to close out the position should neither party want to make or take delivery of the coal.