The price was 8 euro cents lower than the midpoint of bids and offers for spot Phase 3 permits at 9:57 a.m. London time, before the auction ended at 10 a.m., according to ICE data. The discount is the lowest to prevailing spot prices in a Phase 3 auction since Nov. 16, according to data compiled by Bloomberg.
Bids in the auction totaled 9.343 million tons, or 2.26 times the amount for sale, ICE data showed. That’s the lowest so-called bid ratio for a Phase 3 auction since Dec. 6, according to data compiled by Bloomberg.
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