Methodology and Specifications Guide: Metallurgical Coal

[STEEL ]
METHODOLOGY AND SPECIFICATIONS GUIDE
Metallurgical Coal
(Latest Update: March 2012)
Platts methodology guides 2 Metallurgical coal

assessment specifications 4
Platts Daily Metallurgical
Assessment principles 2
Coal AssessmentS 4
Convergence with market value 2 Hard Coking Coal (HCC 64 Mid Vol)
Transaction-based 2 FOB Australia 5
Normalization / Effective pricing 2 Hard Coking Coal (Premium Low Vol)
Time sensitive assessment 2 FOB Australia 6
Transparency 2 Hard Coking Coal (Peak Downs Region)
FOB Australia 7
Market on Close 3
Hard Coking Coal CFR China 8
Verification of data 3
Hard Coking Coal CFR India 8
Spreads 3
Low Vol PCI FOB Australia 9
Data codes 3
Low Vol PCI CFR China 10
Low Vol PCI CFR India 11
General methodology & Low Vol 12 Ash PCI FOB Australia 12
normalization procedures 3 Low Vol 12 Ash PCI CFR China 12
Time of assessment 3 Low Vol 12 Ash PCI CFR India 13
Price Units 3 Semi Soft Coking Coal FOB Australia 14
Quality 3 Semi Soft Coking Coal CFR China 14
Quantity / Order size 3 Semi Soft Coking Coal CFR India 15
Timing 4 Met coke CFR East India 16
Loading / Delivery location 4 Platts Dry Bulk Freight
Freight differentials 4 Assessment Methodology 16
Embedded options 4 Platts Monthly Global
Metallurgical Coal Assessments 17
GT&CS 4
Credit / Payment Terms 4
The McGraw Hill Companies

METHODOLOGY AND SPECIFICATIONS GUIDE Metallurgical Coal
Platts bases its assessments on transparent deals, bids and offers in the market,
Platts methodology guides and reflects the traded or tradable value at market close.
Platts publishes a methodology guide for each of the markets in which it produces Platts monitors activity throughout the day and uses the information gathered in its
price assessments. The guides are intended to provide market participants with assessments. Platts assessments do not reflect an average of the deals reported
general and specific criteria that underpin Platts assessments. over the day.
Methodology guides are updated periodically to reflect changes in market structure In general, volume-weighted averages can be distorted by the pattern of trading
or trading practice. Platts engages with market participants and values feedback on over the day, the parameters of individual deals submitted for assessment, and
any aspect of its assessment methodology. by statistical aberrations relating to sample size, for instance if there is a lack of
disclosure of all deals done over a particular day.
Platts recognizes that markets are constantly evolving and it seeks to ensure that its
assessments keep in step with evolving market requirements.
Normalization / Effective pricing
Changes to the methodology and/or specifications are typically advised in Transactable values are determined by many factors including the quality and
Subscriber Notes published on the Platts website www.platts.com and in its chemical specification of materials, the size of the order, timing and delivery terms,
electronic and print publications. and options held by the seller or buyer relating to the deal parameters.
Platts is completely impartial and independent in its role as a market observer. Platts where possible seeks to align its assessment processes with industry
Platts welcomes dialogue with all credible, active market participants. practice. Platts takes bid, offer and deal information and relates these to the base
standard reflected in its assessments. These base standards are defined under each
For any questions or comments relating to Platts metallurgical coal individual assessment (see below).
assessment methodology please contact Francis Browne, Director of Market
Reporting, Metals (Email: francis_browne@platts.com. Tel: +44 (0) 20 7176 Platts actively seeks to normalize individual transactions to its published
6239), or James O’Connell, Managing Editor International Coal (Email: James_ specifications, in order to consistently determine the true and accurate market value
OConnell@platts.com. Tel: +44 (0) 20 7176 6661) or pricegroup@platts.com. of the product or commodity. Platts will strip out the value of unusual optionalities
or conditions of trade, where possible.
Assessment principles For further details of how Platts normalizes prices for quality, volume, location and
delivery terms, timing and other parameters, see the section below in this guide on
normalization procedures.
Convergence with market value
Platts assessments reflect the transactable value of products and commodities
Time sensitive assessment
traded in the open market. Platts’ objective is to publish assessment values that
converge with market values for the product or commodity reflected. Platts recognizes that price is a function of time, and that prices change constantly.
All Platts assessments are time-stamped, to provide a consistent price basis even
As a publisher owned by The McGraw-Hill Companies, independence and at times of volatility in the market. Platts time-stamps its assessments to reflect
impartiality are at the heart of what Platts does. Platts has no financial interest in market value at the close of business in each trading region.
the price of the products or commodities on which it reports.
Platts considers in its assessments all the information provided to it over the
To ensure that assessments are as robust as possible, Platts editorial systems are day, particularly deals, bids and offers in the market. The value reflected in its
backed by a strong corporate structure that includes managerial and compliance assessment is the traded or tradable value prevailing at market close.
oversight. Platts has compliance staff independent of the editorial group. For more
information, contact Director of Compliance John Burnett, 212-904-6943 (john_ Platts does not reflect in its assessments one-off (non-repeatable) deals at off-
burnett@platts.com). market levels.
Transaction-based Transparency
Platts assessments are based on actual transactions, and/or on specific firm bids Platts applies the principles of market-on-close (MOC) price discovery to its
and offers in the market. assessment processes for oil, petrochemicals, iron ore and coking coal.
Platts aim is to determine the full circumstances surrounding each deal, While Platts recognizes the reality that some markets are opaque while other
including details of quality specifications, volume, location, loading/ markets are more transparent, Platts bases its assessments on the information that
delivery timing, and terms of trade. Platts uses this objective information to is the most transparent and therefore most fully verifiable, in any given marketplace.
determine the typical and repeatable market level for metallurgical coal of
the published grade. Typically, markets go through a three-stage evolution before full transparency is achieved.
March 2012 2
Phase 1: First-tier counterparties (producers, traders, consumers) are active as

market-makers and price assessment is achieved via phone survey of all active and General methodology &
credible market participants. Platts publishes daily assessments, time-stamped normalization procedures
to the close of day, but initially it is likely that some intra-day or contractual
verification information may be lacking in details.
Time of assessment
Phase 2: Market making and price taking activity is more visible from first and second- Platts metallurgical coal assessments aim to reflect the latest range in which a
tier counterparties, including new market entrants such as banks and independent trading standard repeatable transaction takes place or could take place at arms length.
houses, with trade facilitated by brokerages. Market activity is published in real time, Platts monitors market activity through the day and deal, bid and offer information
and this encourages greater transparency of trade details. Platts confirms transactions, submitted to it through the day may be used in its assessments. Where there is
confirms the details of deals and examines the context in which a deal took place, evidence of intraday volatility, this is incorporated in the assessment which reflects
including the time of day, and the market relationships that prevailed at that time. the normalized value at market close.
Phase 3: Price assessment ‘windows’ are introduced. Market participants are Platts metallurgical coal assessments reflect the transactable value prevailing at
named, and only firm bids and offers are published on the Platts electronic screens 18.30:00 Singapore time. The assessment methodology reflects values on a market-
in real time, which are open to the market at large. Transactions are confirmed on-close basis. Trading activity, including bids/offers and transactions, is covered
with full post-trade performance expectations. Price formation is achieved in real during the typical operating day with data cut off for inclusion in the assessment
time, and a defined audit trail emerges allowing full verification of deals, as well as precisely at 18.30.00 Singapore time.
access to relevant deal documentation if required.
All market activity is viewed in light of its market relevance, repeatability and transparency.
Transactions between related parties or transactions that do not meet Platts high
Market on Close
standards for transparency, verifiability and repeatability may not be taken into account.
Platts has defined rigorous procedures for bidding and offering in a transparent
manner in its Market on Close process.
Price Units
These procedures define strict cut-off times for entry of bids, offers and deals All units for assessments are stated below for each individual data code, with
information. These are designed to ensure that bids and offers which are used a minimum fluctuation price of one unit. Metallurgical coal assessments are
in the assessments are executable, and that an orderly process is followed to expressed in dollars and cents per dry metric ton, unless otherwise stated.
establish that each market level is tested by the market at large, and that deals
resulting from these bids and offers are repeatable.
Quality
Platts defines a base quality specification and normalizes deals or bids/offers to
Verification of data
that standard. Platts’ aim is to reflect market value for the quality specifications
Platts seeks to confirm all information on deals, bids and offers provided to it. described. Standard quality parameters for each assessment are defined below.
Platts checks deal information with the seller, the buyer, any intermediary, and the
market at large. Platts transparency standards require that all information submitted No distinction in principle is made in terms of origin of the material. Platts does
to Platts for assessment purposes be fully verifiable. Platts also seeks to verify as however recognize that market practice may distinguish price between materials
needed the performance of transactions used in the assessment process. of similar quality specifications from different sources, and accounts for this in its
normalization process.
Platts bases its assessments on information from sources deemed reliable. Where
Platts has doubts about the reliability of information provided by a market source, it Platts will monitor differentials in prices for similar grade material and may exclude
may exclude that information from its assessment processes. from its assessments deals or offers from participants that are regarded by the
market as offering non-prime material or service levels. Platts aim is to reflect
commodity value based on the fitness of a commodity in terms of the quality and
Spreads
delivery standards.
When Platts considers deal information, it seeks not only to confirm the details of
a deal, but also examines the context in which a deal took place. Platts monitors Platts assesses the premia / penalties for the most important chemical and physical
spreads between the different specifications/grades of product reported and uses properties and impurities, by surveying industry calculations of current market
these in the alignment of its assessments. value-in-use.
Data codes Quantity / Order size

Each Platts assessment is identified using a unique 7-alphanumeric data code. Platts assessments reflect bids/offers and transactions typical in the marketplace.
Platts assessments are identified in this methodology guide using these data Platts defines a typical order size or shippable quantity for each of its assessments.
codes. These codes can be matched up with Platts published symbols directories to Platts assessments reflect the quantity specified under each data code.
identify price history for specific assessments in Platts price databases.
March 2012 3
Deals reported that differ from the standard may be normalized if market structures GT&CS
indicate there is a price differential to the standard, or they may be excluded from Platts assessments reflect trades in the metallurgical coal market concluded under
assessment if regarded as unusual transactions. normal contractual terms, including widely accepted General Terms & Conditions
and INCOTERMS.
Any premium for small cargo lots or discount available for larger than standard
volumes are stripped out of price assessments. Offers or bids on non-standard Where companies express bids or offers, these are understood to be on
terms that Platts determines to be restrictive, making a deal logistically or INCOTERMS unless otherwise stated. Platts’ use of terms such as FOB, CFR, CIF,
financially difficult to execute, may be disregarded in the assessment process. ex-works and so on are based around definitions provided by the International
Chamber of Commerce which publishes the INCOTERMS.
Timing
Definitions of such terminology are available through the following web link:
Assessments reflect typical loading and delivery schedules for each market and http://www.iccwbo.org/incoterms/
product grade assessed. Standard loading and delivery windows are specified under
the individual data codes. Please note that the text of INCOTERMS in whole or in part is subject to ICC’s
copyright. Other related ICC publications, in printed or electronic form, are also
Please note that Platts will not reflect in its assessments any loadings or subject to copyright.
deliveries that are deemed distressed in nature; when a seller or buyer has left
it too late for execution of the trade under normal vessel and product scheduling
Credit / Payment Terms
timeframes.
Payment terms are as per standard commercial practice.
Assessments reflect market value for the specified loading/delivery window after
taking into consideration the difference in prices prevailing along the time curve. All credit variations are normalized to 100% Letter of Credit, payable at sight.
Platts normalizes to the middle of the loading/delivery window specified for Wherever greater credit is given, this will be factored out of the price assessment
each assessment. Platts assessments fully take into account any time value of a process. Where a seller is prepared to discount the price for prompter payment, this
backwardated or contango market structure. will also be factored into the assessment.
Deals, bids or offers for loading or delivery outside the date ranges specified Where transactions are reported with non-standard credit terms, Platts normalizes
by Platts may be disregarded in the assessment process. Transactions that are these based on prevailing commercial interest rates and typical credit payment
negotiated within the framework of longer-term contractual arrangements (term terms in the industry at the time of the transaction.
deals) are excluded from the assessments.
Metallurgical coal
Loading / Delivery location
assessment specifications
Platts defines specific FOB loading or CFR delivery locations in its price
assessments. Deals or bids/offers reported on different loading / delivery port
basis may be normalized to the assessed location, using prevailing spot market Platts Daily Metallurgical Coal AssessmentS
freight rates. Platts publishes daily assessments for three grades of hard coking coal, two
assessments for PCI coal, one assessment for semi-soft coking coal and one assessment
for metallurgical coke, for locations of loading/delivery detailed in the table below
Freight differentials
Platts takes into account prevailing seaborne freight in establishing CFR values. In $/mt FOB CFR CFR
the absence of specific CFR based deals, bid or offers, Platts may determine a CFR Australia China India
value from FOB values, by applying the prevailing net forward freight cost. Peak Downs Region n n n
Premium Low Vol n n n
HCC 64 Mid Vol n n n
Embedded options
Low Vol PCI n n n
Platts objective is to reflect the transactable value of the commodity assessed. In Low Vol 12 Ash PCI n n n
cases where the apparent value of the commodity includes extra optionalities, the Semi Soft n n n
intrinsic value of the commodity may be masked. Met Coke - - n
Bids, offers or deals that contain excessive optionalities for either the buyer or Assessed specifications
seller may likewise be disregarded in the assessment process.
CSR VM Ash S P TM Fluidity
Peak Downs Region: 74% 20.7% 10.5% 0.60% 0.030% 9.5% 400
Examples include loading or delivery options held by the buyer or seller,
Premium Low Vol: 71% 21.5% 9.3% 0.50% 0.045% 9.7% 500
volume tolerances exercisable by the buyer or seller, or non-standard quality
HCC 64 Mid Vol: 64% 25.5% 9.0% 0.60% 0.050% 9.5% 1700
specifications.
March 2012 4
Hard Coking Coal (HCC 64 Mid Vol) FOB Australia Coking properties:
Platts launched on March 15, 2010, daily spot Hard Coking Coal (HCC 64 Mid Vol) Coke Strength after Reaction (CSR): 64%
price assessments basis FOB Australia. Maximum fluidity: 1700 ddpm
Price Assessment: Platts publishes the transactable value for Hard Coking Coal Proximate analysis:
(HCC 64 Mid Vol), indicating the price at which a cargo could be traded on FOB Volatile Matter (VM): 25.5% air dried
Australia basis at the close of the assessment period on the day of publishing. Ash: 9.0% air dried
These assessed values are based on confirmed spot transactions, firm bids / offers, Phosphorous (P): 0.05% air dried
or in the absence of liquidity, where spot transactions would have been concluded
for the benchmark grade. Chemical analysis:
Sulfur (S): 0.6% air dried
Spot price bids/offers or trades in key consumer markets basis CFR China,
India or Japan/Korea/Taiwan may be netted back to FOB Australia basis using Moisture:
assessed spot freight rates for dry bulk carriers on the day of assessment, for Total Moisture (TM): 9.5% as received
comparison with spot prices basis FOB Australia. For netback calculations from CFR
destinations, differing Capesize, Panamax and Handymax freight costs are taken These specifications represent physical and chemical characteristics for the typical
into consideration. Platts publishes daily Panamax spot freight costs between Hay target box of blended hard coking coals sought by blast furnace operators, or in the
Point port in East Australia and Qingdao port in North China, and from Hay Point case of impurities, the median value of all assessable hard coking coals mined and
port in East Australia to Paradip port in East India. shipped from Australia.
Platts assessments also take into account hard coking coal demand/supply Quality Normalization: Neither PCI, semi-soft coking coal nor thermal coal cargo
fundamentals in Australia and key consumer markets. Assessments also take into prices will be normalized to Hard Coking Coal standards, but will be analyzed for
consideration daily Asia-Pacific price movements in associated commodity markets: pricing consistency.
thermal coal (benchmark FOB Newcastle, Australia), iron ore (benchmark IODEX
62 Fe basis CFR Qingdao, China) and steel (FOB China and domestic China price Price normalization escalator/de-escalators: will be re-assessed on a periodic basis
assessments) as published by Platts. for normalization purposes, given the absolute price level of coking coal traded
in the spot market. Effective 3 October 2011, a ratio of 1% for CSR, VM, ash and
Availability: Hard Coking Coal (HCC 64 Mid Vol) FOB Australia spot price moisture and 0.1% sulfur per 1% of Platts published spot price for Hard Coking
assessments are published on the Platts real-time service Platts Metals Alert (PMA), Coal (Premium Low Vol) is used. Published factors (the ratio of quality parameters
in Platts Steel Markets Daily (SMD)and in Platts Coal Trader International (CTI). such as ash to the HCC spot price) which determine the normalization escalator/
de-escalators may change over the course of the year.
Frequency: Price assessments FOB Australia are published daily and reflect market
values prevailing at the close of Asian markets, typically at 6.30 pm Singapore Non-standard quality: Platts also applies selective price premia / discounts
time (1030 GMT). The assessment is published following editorial engagement for non-standard quality specifications lying outside the typical min/max quality
with market participants such as producers, consumers, traders, shippers and other ranges for Hard Coking Coal. This particularly applies to unusual ash chemistry (A/B
active spot market participants. ratio) or fluidity characteristics, or an unusual level of oven wall pressure (OWP) or
phosphorous.
Basis and Location: Cargoes loaded free on board at the following ports in
Queensland: Gladstone, Dalrymple Bay, Hay Point, Abbott Point and Brisbane; and Min / Max quality parameters for consideration in assessments:
in New South Wales: Newcastle and Port Kembla. Freight rates for hard coking coal
from any of these ports are normalized to Hay Point port for assessment purposes. Price assessments of HCC 64 Mid Vol reflect Hard Coking Coal quality. Only
hard coking coals meeting the following quality parameters are considered for
Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US assessment:
dollar lump-sum and per day rates into $/mt equivalent assessments.
Coking Properties:
Timing: Platts assesses cargoes loading FOB Australia 7-45 days forward from Coke Strength after Reaction (CSR): 60% min
the date of publication. For instance, on January 1, Platts assesses cargoes for Maximum fluidity: 40 to 6000 ddpm
loading between January 8 and February 14. Platts’ benchmark assessment for Hard
Coking Coal reflects the mid-point of the loading period. Cargoes traded with more Proximate analysis:
prompt or further forward laycans are normalized to the middle of the month for Volatile Matter (VM): Min 18.8-27.5% max air dried
assessment purposes. Ash: 8.5-9.8% max air dried
Phosphorous (P): 0.015-0.07% max air dried
Quality: Traded prices for cargoes of hard coking coals and premium hard coking
coals will be normalized using observed market differentials or, in the absence of Chemical analysis:
these, implied Value In Use (VIU) differentials, to the following precise Hard Coking Sulfur (S): 0.4-0.7% max air dried
Coal (HCC 64 Mid Vol) benchmark specifications for assessment:
March 2012 5
Moisture: Frequency: Price assessments are published daily and reflect market values
Total Moisture (TM): 9.0-11.0% max as received prevailing at the close of Asian markets, typically at 6.30 pm Singapore time (1030
GMT). The assessment is published following editorial engagement with market
Maceral analysis: participants such as producers, consumers, traders, shippers and other active spot
Maceral Composition Vitrinite: 48-79% market participants.
Rank: Basis and Location: Cargoes loaded free on board at the following ports in
Mean Max Vitrinite Reflectance: Ro 1.17-1.52% Queensland: Dalrymple Bay, Hay Point; and in New South Wales: Port Kembla.
Freight rates for hard coking coal from any of these ports are normalized to Hay
Physical analysis: Point port for assessment purposes.
Sizing: 50 mm max
Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US
Quality inspections: Typically made at loading port. Differing quality results upon dollar lump-sum and per day rates into $/mt equivalent assessments.
inspection at delivery port will not be taken into consideration.
Timing: Platts assesses cargoes loading FOB Australia 7-45 days forward from
Quantity: Minimum parcel size 10,000 metric tons. the date of publication. For instance, on January 1, Platts assesses cargoes for
loading between January 8 and February 14. Platts’ benchmark assessment for Hard
Payment terms: Letter of Credit, payable at sight. Coking Coal reflects the mid-point of the loading period. Cargoes traded with more
prompt or further forward laycans are normalized to the middle of the month for
Contacts: For comments or queries please contact cokingcoal@platts.com and assessment purposes.
pricegroup@platts.com
Quality: Price assessments reflect the value of Hard Coking Coal (Premium Low
Vol) quality, matching the following specifications:
Hard Coking Coal (Premium Low Vol) FOB Australia
Platts launched on October 1, 2010, daily spot Hard Coking Coal (Premium Low Vol) Coking properties:
price assessments basis FOB Australia. Coke Strength after Reaction (CSR): 71%
Maximum fluidity: 500 ddpm
Price Assessment: Platts publishes the transactable value for Hard Coking
Coal (Premium Low Vol), indicating the price at which a cargo could be traded Proximate analysis:
on FOB Australia basis at the close of the assessment period on the day of Volatile Matter (VM): 21.5% air dried
publishing. Assessed values are based on confirmed spot transactions, firm Ash: 9.3% air dried
bids / offers of premium hard coking coals (see minimum quality specifications Phosphorous (P): 0.045% air dried
below) normalized to the exact Premium Low Vol specification; or in the
absence of liquidity, where spot transactions would have been concluded for Chemical analysis:
the benchmark grade. Sulfur (S): 0.50% air dried
Spot price bids/offers or trades in key consumer markets basis CFR China, Moisture:
India or Japan/Korea/Taiwan may be netted back to FOB Australia basis using Total Moisture (TM): 9.7% as received
assessed spot freight rates for dry bulk carriers on the day of assessment, for
comparison with spot prices basis FOB Australia. For netback calculations from CFR Quality Normalization: Neither PCI, semi-soft coking coal nor thermal coal cargo
destinations, differing Capesize, Panamax and Handymax freight costs are taken prices will be normalized to Hard Coking Coal standards, but will be analyzed for
into consideration. Platts publishes daily Panamax spot freight costs between Hay pricing consistency.
Point port in East Australia and Qingdao port in North China, and from Hay Point
port in East Australia to Paradip port in East India. Price normalization escalator/de-escalators: will be re-assessed on a periodic
basis for normalization purposes, given the absolute price level of coking coal
Platts assessments also take into account demand/supply fundamentals in Australia traded in the spot market. Effective 3 October 2011, a ratio of 1% for CSR, VM, ash
and key consumer markets. Assessments also take into consideration daily Asia- and moisture and 0.1% sulfur per 1% of Platts published spot price for Hard Coking
Pacific price movements in associated commodity markets: iron ore (benchmark Coal (Premium Low Vol) is used. Published factors (the ratio of quality parameters
IODEX 62% Fe basis CFR Qingdao, China) and steel (FOB China and domestic China such as ash to the HCC spot price) which determine the normalization escalator/
price assessments) as published by Platts. de-escalators may change over the course of the year.
Availability: Hard Coking Coal (Premium Low Vol) FOB Australia spot price Non-standard quality: Platts also applies selective price premia / discounts for
assessments are published on the Platts real-time service Platts Metals non-standard quality specifications lying outside the typical min/max quality ranges
Alert (PMA), in Platts Steel Markets Daily (SMD)and in Platts Coal Trader for Hard Coking Coal (Premium Low Vol). This particularly applies to unusual ash
International (CTI). chemistry (A/B ratio) or fluidity characteristics, or an unusual level of oven wall
pressure (OWP) or phosphorous.
March 2012 6
Min / Max quality parameters for consideration in assessments: Only Basis and Location: Cargoes loaded free on board at the following ports in
premium Hard Coking Coals meeting the following minimum quality parameters are Queensland: Dalrymple Bay, Hay Point; and in New South Wales: Port Kembla.
considered for normalization to the Premium Low Vol specification (of 71% CSR, Freight rates for hard coking coal from any of these ports are normalized to Hay
21.5% VM, 9.3% Ash, 0.50% S, 0.045% P, 9.7% TM): Point port for assessment purposes.
Coke Strength after Reaction (CSR): 67% min Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US
Max Dilatation: 50% min dollar lump-sum and per day rates into $/mt equivalent assessments.
Volatile Matter (VM): Min 18.8-24.5% max air dried
Timing: Platts assesses cargoes loading FOB Australia 7-45 days forward from
Semi-hard, PCI, semi-soft coking coal and thermal coal cargo prices will not be the date of publication. For instance, on January 1, Platts assesses cargoes for
considered for assessment of Hard Coking Coal (Premium Low Vol) prices. loading between January 8 and February 14. Platts’ benchmark assessment for Hard
Coking Coal reflects the mid-point of the loading period. Cargoes traded with more
Quality inspections: Typically made at loading port. Differing quality results upon prompt or further forward laycans are normalized to the middle of the month for
inspection at delivery port will not be taken into consideration. assessment purposes.
Quantity: Minimum parcel size 10,000 metric tons. Quality: Price assessments reflect the value of Hard Coking Coal (Peak Downs
Region) quality, matching the following typical specifications:
Payment terms: Letter of Credit, payable at sight.
Coking properties:
Contacts: For comments or queries please contact cokingcoal@platts.com and Coke Strength after Reaction (CSR): 74%
pricegroup@platts.com Crucible Swell Number (CSN): 8.5
Maximum fluidity: 400 ddpm
Hard Coking Coal (Peak Downs Region) FOB Australia

Proximate analysis:
Platts launched on August 23, 2010, daily spot Hard Coking Coal (Peak Downs
Region) price assessments basis FOB Australia. Volatile Matter (VM): 20.7% air dried
Ash: 10.5% air dried
Price Assessment: Platts publishes the transactable value for hard coking coal Phosphorous (P): 0.030% air dried
Peak Downs® indicating the assessed price at which a cargo could be traded on
FOB Australia basis at the close of the assessment period on the day of publishing. Chemical analysis:
Assessed values are based on normalizing the values of a range of hard coking Sulfur (S): 0.60% air dried
coals with similar properties (see minimum quality specifications below).
Moisture:
Spot price bids/offers or trades in key consumer markets basis CFR China, Total Moisture (TM): 9.5% as received
India or Japan/Korea/Taiwan may be netted back to FOB Australia basis using
assessed spot freight rates for dry bulk carriers on the day of assessment, for Maceral analysis:
comparison with spot prices basis FOB Australia. For netback calculations from CFR Vitrinite: 68.0%
destinations, differing Capesize, Panamax and Handymax freight costs are taken
into consideration. Platts publishes daily Panamax spot freight costs between Hay Rank:
Point port in East Australia and Qingdao port in North China, and from Hay Point Mean Max Reflectance: Ro Max 1.42%
port in East Australia to Paradip port in East India.
Physical analysis:
Platts assessments also take into account demand/supply fundamentals in Australia Sizing: 50 mm max
and key consumer markets. Assessments also take into consideration daily Asia-
Pacific price movements in associated commodity markets: iron ore (benchmark Quality Normalization: Neither PCI, semi-soft coking coal nor thermal coal cargo
IODEX 62 Fe basis CFR Qingdao, China) and steel (FOB China and domestic China prices will be normalized to Hard Coking Coal (Peak Downs Region) standards, but
price assessments) as published by Platts. will be analyzed for pricing consistency.
Availability: Hard Coking Coal (Peak Downs Region) FOB Australia spot price Price normalization escalator/de-escalators: will be re-assessed on a
assessments are published on the Platts real-time service Platts Metals Alert (PMA), periodic basis for normalization purposes, given the absolute price level of
in Platts Steel Markets Daily (SMD)and in Platts Coal Trader International (CTI). coking coal traded in the spot market. Effective 3 October 2011, a ratio of 1%
for CSR, VM, ash and moisture and 0.1% sulfur per 1% of Platts published
Frequency: Price assessments are published daily and reflect market values prevailing spot price for Hard Coking Coal (Premium Low Vol) is used. Published factors
at the close of Asian markets, typically at 6.30 pm Singapore time (1030 GMT). The (the ratio of quality parameters such as ash to the HCC spot price) which
assessment is published following editorial engagement with market participants such determine the normalization escalator/de-escalators may change over the
as producers, consumers, traders, shippers and other active spot market participants. course of the year.
March 2012 7
Non-standard quality: Platts also applies selective price premia / discounts for Frequency: CFR China assessments are published daily and reflect market values
non-standard quality specifications lying outside the typical min/max quality ranges prevailing at the close of Asian markets, typically at 6.30 pm Singapore time (1030
for premium Hard Coking Coals. This particularly applies to unusual ash chemistry GMT). The assessment is published following editorial engagement with market
(A/B ratio) or fluidity characteristics, or an unusual level of oven wall pressure participants such as producers, consumers, traders, shippers and other active spot
(OWP) or phosphorous. market participants.
Min / Max quality parameters for consideration in assessments: Basis and Location: Cargoes delivered to the following ports in North China:
Qingdao, Dalian, Qinhuangdao, Caofeidian, Jintang. Hard Coking Coal prices from
Only premium Hard Coking Coals meeting the following minimum quality any of ports in East China (Shanghai, Fujian) or South China (Guangzhou) are
parameters are considered for normalization to the Peak Downs Region normalized to the northern port of Qingdao for assessment purposes.
specification (of 74% CSR, 20.7% VM, 10.5% Ash, 0.60% S, 0.030% P, 9.5% TM):
Coke Strength after Reaction (CSR): 67% min dollar lump-sum and per day rates into $/mt equivalent assessments.
Max Dilatation: 50% min
Volatile Matter (VM): Min 18.8-24.5% max air dried Timing: Platts assesses cargoes delivered CFR China between 30-75 days forward
from date of publication. For instance, on April 1, Platts assesses cargoes for
Semi-hard, PCI, semi-soft coking coal and thermal coal cargo prices will not be delivery between May 1 and June 15. Platts’ benchmark assessment for Hard
considered for assessment of Hard Coking Coal (Peak Downs Region) prices. Coking reflects the mid-point of the delivery window. Cargoes traded with more
prompt or further forward timings are normalized for assessment purposes.
Quality inspections: Typically made at loading port. Differing quality results upon
inspection at delivery port will not be taken into consideration. Quality: Price assessments and quality normalization processes are as defined for
assessments of Hard Coking Coal (HCC 64 Mid Vol), Hard Coking Coal (Premium
Quantity: Minimum parcel size 10,000 metric tons. Low Vol) and Hard Coking Coal (Peak Downs Region) basis FOB Australia (see above
for details).
Quality inspections: are typically made at loading port. Differing quality results
Contacts: For comments or queries please contact cokingcoal@platts.com and upon inspection at delivery port will not be taken into consideration.
Quantity: Minimum parcel size 10,000 metric tons.
Hard Coking Coal CFR China

Platts launched on March 15, 2010 daily spot Hard Coking Coal (HCC 64 Mid Vol)
price assessments basis CFR China. Platts launched on August 23, 2010 daily spot Contacts: For comments or queries please contact cokingcoal@platts.com and
Hard Coking Coal (Peak Downs Region) price assessments basis CFR China. Platts pricegroup@platts.com
launched on October 1, 2010 daily spot Hard Coking Coal (Premium Low Vol) price
assessments basis CFR China.
Hard Coking Coal CFR India
Price Assessment: Platts publishes a single assessed price for each of three Platts launched on July 5, 2010 daily spot Hard Coking Coal (HCC 64 Mid Vol)
different quality grades: Hard Coking Coal (HCC 64 Mid Vol), Hard Coking Coal price assessments basis CFR India. Platts launched on August 23, 2010 daily spot
(Premium Low Vol) and Hard Coking Coal (Peak Downs Region), indicating the Hard Coking Coal (Peak Downs Region) price assessments basis CFR India. Platts
price at which cargoes could be traded on a CFR China basis at the close of launched on October 1, 2010 daily spot Hard Coking Coal (Premium Low Vol) price
the assessment period on the day of publishing. These assessed values are assessments basis CFR India.
based on confirmed spot cargo transactions, firm bids/offers, or in the absence
of liquidity, where spot transactions would have been concluded for the Price Assessment: Platts publishes a single assessed price for each of three
benchmark grade. different quality grades: Hard Coking Coal (HCC 64 Mid Vol), Hard Coking Coal
(Premium Low Vol) and Hard Coking Coal (Peak Downs Region), indicating the
Platts assessments also take into account demand/supply fundamentals in Australia price at which cargoes could be traded on a CFR India basis at the close of the
and key consumer markets. Assessments also take into consideration daily Asia- assessment period on the day of publishing. These assessed values are based on
Pacific price movements in associated commodity markets: thermal coal (benchmark confirmed spot cargo transactions, firm bids/offers, or in the absence of liquidity,
FOB Newcastle), iron ore (benchmark IODEX 62 Fe basis CFR Qingdao, China) and where spot transactions would have been concluded for the benchmark grade.
steel (FOB China and domestic China price assessments).
Platts assessments also take into account demand/supply fundamentals in
Availability: Hard Coking Coal (HCC 64 Mid Vol), Hard Coking Coal (Premium Low Australia, Canada, the USA and other key producer markets. Spot prices bid/offered
Vol) and Hard Coking Coal (Peak Downs Region) CFR China spot price assessments or traded on FOB basis may be netted forward to CFR India basis using assessed
are published on the Platts real-time service Platts Metals Alert (PMA), Platts Steel spot freight rates for dry bulk carriers on the day of assessment, for comparison
Markets Daily (SMD), and in Platts Coal Trader International (CTI). with spot prices basis CFR India. For net-forward calculations from FOB origins,
March 2012 8
differing Capesize, Panamax or Handymax freight costs are taken into consideration. absence of liquidity, where spot transactions would have been concluded for the
Platts publishes daily Panamax spot freight costs between Hay Point port in East benchmark grade. Platts also considers on normalized basis, bids / offers or trades
Australia and Paradip port in East India. of comparable PCI traded FOB Canada, FOB Russia, FOB Indonesia or FOB China.
Assessments also take into consideration daily Asia-Pacific price movements in Platts will also monitor the opportunity cost of high quality Australian PCI.
associated commodity markets: thermal coal (FOB Indonesia and FOB Richard’s Opportunity cost may be derived by observing spot trades of run-of-mine material
Bay, South Africa), coke (FOB China), iron ore (benchmark IODEX 62% Fe basis CFR and of by-product thermal coal.
Qingdao, China) and steel (domestic Indian and global steel price benchmarks) as
published by Platts. Spot price bids/offers or trades of PCI in key consumer markets basis CFR China,
India or Japan/Korea/Taiwan will be netted back to FOB Australia basis using
Availability: Hard Coking Coal (64 Mid Vol), Hard Coking Coal (Premium Low Vol) assessed spot freight rates for dry bulk carriers on the day of assessment, for
and Hard Coking Coal (Peak Downs Region) CFR India spot price assessments are comparison with spot prices basis FOB Australia. For netback calculations from CFR
published on the Platts real-time service Platts Metals Alert (PMA), in Platts Steel destinations, differing Capesize, Panamax, Supramax and Handymax freight costs
Markets Daily (SMD), and in Platts Coal Trader International (CTI). are taken into consideration. Platts publishes daily Panamax spot freight costs
between Hay Point port in East Australia and Qingdao port in North China, and from
Frequency: CFR India assessments are published daily and reflect market values Hay Point port in East Australia to Paradip port in East India.
prevailing at the close of Asian markets, typically at 6.30 pm Singapore time (1030
GMT). The assessment is published following editorial engagement with producers, Platts assessments also take into account demand/supply fundamentals in Australia
consumers, traders, shippers and other active spot market participants. and key consumer markets. Assessments also take into consideration daily Asia-
Pacific price movements in associated commodity markets: hard coking coal, semi
Basis & Location: Cargoes delivered to the following main ports of India: Paradip, soft coking coal, metallurgical coke, thermal coal, iron ore (benchmark IODEX
Vizag and Haldia. Hard Coking Coal prices delivered into any ports in West India are 62% Fe basis CFR Qingdao, China) and steel (FOB China and domestic China price
normalized to the eastern port of Paradip for assessment purposes. assessments) as published by Platts.
Unit: All prices are quoted in US dollars per metric ton ($/mt). Availability: Low Vol PCI (Pulverized Coal Injection) spot price assessments are
published on the Platts real-time service Platts Metals Alert (PMA), in Platts Steel
Timing: Platts assesses cargoes delivered CFR India between 21-60 days forward Markets Daily (SMD) and in Platts Coal Trader International (CTI).
from date of publication. For instance, on April 1, Platts assesses cargoes for
delivery between April 22 and May 31. Platts’ benchmark assessment for Hard Frequency: Price assessments are published daily and reflect market values
Coking reflects the mid-point of the delivery window. Cargoes traded with more prevailing at the close of Asian markets, typically at 6.30 pm Singapore time. The
prompt or further forward timings are normalized for assessment purposes. assessment is published following editorial engagement with market participants such
as producers, consumers, traders, shippers and other active spot market participants.
Quality: Price assessments and quality normalization processes are as defined for
assessments of Hard Coking Coal (HCC 64 Mid Vol), Hard Coking Coal (Premium Low Vol) Basis and Location: Cargoes loaded free on board at the following ports in
and Hard Coking Coal (Peak Downs Region) basis FOB Australia (see above for details). Queensland: Hay Point Coal Terminal, Dalrymple Bay Coal Terminal, Gladstone, Abbot
Point as well as major ports in New South Wales. Freight rates for PCI from any of these
Quality inspections are typically made at loading port. Differing quality results upon ports are normalized to Dalrymple Bay Coal Terminal port for assessment purposes.
Quantity: Minimum parcel size 10,000 metric tons. dollar lump-sum and per day rates into $/mt equivalent assessments.
Payment terms: Letter of Credit, payable at sight. Timing: Platts assesses cargoes loading FOB Australia 7-45 days forward from the
date of publication. For instance, on August 1, Platts assesses cargoes for loading
Contacts: For comments or queries please contact cokingcoal@platts.com and between August 8 and September 14. Platts’ benchmark assessment for PCI reflects
pricegroup@platts.com the mid-point of the loading period. Cargoes traded with more prompt or further
forward laycans are normalized to the middle of the month for assessment purposes.
Low Vol PCI FOB Australia

Quality: Price assessments reflect the value of PCI quality matching the following
Platts launched on October 3, 2011, daily spot Low Vol PCI (Pulverized Coal specifications:
Injection) price assessments basis FOB Australia,
Proximate analysis:
Price Assessment: Platts publishes the transactable value for Low Vol PCI Volatile Matter (VM): 13.0% air dried
(Pulverized Coal Injection), indicating the price at which a cargo could be traded Ash: 8.5% air dried
at the close of the assessment period on the day of publishing. Assessed values Sulfur (S): 0.55% air dried
are based on confirmed spot transactions, firm bids / offers of PCI (see minimum Calorific Value (CV): 7800 kcal/kg
quality specifications below) normalized to the published specification; or in the Hardgrove Grindability Index (HGI): 78
March 2012 9
Ultimate analysis: 62% Fe basis CFR Qingdao, China) and steel (FOB China and domestic China price
Total Carbon 90.5% air dried assessments) as published by Platts.
Quality Normalization: Platts applies price escalator/de-escalators to determine Availability: Low Vol PCI (Pulverized Coal Injection) spot price assessments are
implied impurity premia/penalties at the point of trade. These differentials are published on the Platts real-time service Platts Metals Alert (PMA), in Platts Steel
determined with reference to current spot prices, to current value-in-use estimates, Markets Daily (SMD) and in Platts Coal Trader International (CTI).
and to typical industry practices for impurity penalties under contract invoicing.
Additional quality parameters, such as phosphorus, may also be considered. Frequency: Price assessments are published daily and reflect market values
prevailing at the close of Asian markets, typically at 6.30 pm Singapore time. The
Hard Coking Coal cargo prices will not be normalized to PCI standards, but will be assessment is published following editorial engagement with market participants such
analyzed for pricing consistency. as producers, consumers, traders, shippers and other active spot market participants.
Non-standard quality: Platts also applies selective price premia / discounts for Basis and Location: Cargoes delivered to the following ports in North
non-standard quality specifications lying outside the typical min/max quality ranges China: Qingdao, Dalian, Qinhuangdao, Caofeidian, Tianjin, Jintang, Rizhao and
for PCI. Bayuquan. PCI prices from any ports in East China (Shanghai, Fujian) or South
China (Guangzhou) are normalized to the northern port of Qingdao for assessment
Min / Max quality parameters for consideration in assessments: Only purposes.
Low Vol PCI (Pulverized Coal Injection) meeting the following minimum quality
parameters are considered for direct normalization to the Low Vol PCI specification Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US
(of 13.0% VM, 8.5% Ash, 0.55% S, 7800 kcal/kg CV, 78 HGI): dollar lump-sum and per day rates into $/mt equivalent assessments.
Volatile Matter (VM): Min 11.5-16.0% max air dried Timing: Platts assesses cargoes delivery CFR China 30-75 days forward from the
Ash: Min 8.4-10% max air dried date of publication. For instance, on August 1, Platts assesses cargoes for delivery
Sulfur (S): Min 0.40-0.60% max air dried between August 31 and October 15 Platts’ benchmark assessment for PCI reflects
Calorific Value (CV): Min 7500-7850 max kcal/kg (GAR) the mid-point of the delivery period.
Hardgrove Grindability Index (HGI): Min 70-84 max
Total Carbon: Min 88-93.0% max air dried Quality: Price assessments reflect the value of PCI quality matching the following
specifications:
Other higher volatile PCI grades may be normalized to the Low Vol PCI specification.
Proximate analysis:
Quality inspections: Typically made at loading port. Differing quality results upon Volatile Matter (VM): 13.0% air dried
inspection at delivery port will not be taken into consideration. Ash: 8.5% air dried
Quantity: Minimum parcel size 10,000 metric tons. Calorific Value (CV): 7800 kcal/kg
Hardgrove Grindability Index (HGI): 78
Ultimate analysis:
Contacts: For comments or queries please contact cokingcoal@platts.com and Total Carbon 90.5% air dried
Quality Normalization: Platts applies price escalator/de-escalators to determine
implied impurity premia/penalties at the point of trade. These differentials are
Low Vol PCI CFR China
determined with reference to current spot prices, to current value-in-use estimates,
Platts launched on October 3, 2011, daily spot Low Vol PCI (Pulverized Coal and to typical industry practices for impurity penalties under contract invoicing.
Injection) price assessments basis, CFR China Additional quality parameters, such as phosphorus, may also be considered.
Price Assessment: Platts publishes the transactable value for Low Vol PCI (Pulverized Hard Coking Coal cargo prices will not be normalized to PCI standards, but will be
Coal Injection), indicating the price at which a cargo could be traded at the close of the analyzed for pricing consistency.
assessment period on the day of publishing. Assessed values are based on confirmed
spot transactions, firm bids / offers of PCI (see minimum quality specifications below) Non-standard quality: Platts also applies selective price premia / discounts for
normalized to the published specification; or in the absence of liquidity, where spot non-standard quality specifications lying outside the typical min/max quality ranges
transactions would have been concluded for the benchmark grade. for PCI.
Platts assessments also take into account demand/supply fundamentals in Australia Min / Max quality parameters for consideration in assessments: Only
and key consumer markets. Assessments also take into consideration daily Asia- Low Vol PCI (Pulverized Coal Injection) meeting the following minimum quality
Pacific price movements in associated commodity markets: hard coking coal, semi parameters are considered for direct normalization to the Low Vol PCI specification
soft coking coal, metallurgical coke, thermal coal, iron ore (benchmark IODEX (of 13.0% VM, 8.5% Ash, 0.55% S, 7800 kcal/kg CV, 78 HGI):
March 2012 10
Volatile Matter (VM): Min 11.5-16.0% max air dried Timing: Platts assesses cargoes delivered CFR India 21-60 days forward from the
Ash: Min 8.4-10% max air dried date of publication. For instance, on August 1, Platts assesses cargoes for delivery
Sulfur (S): Min 0.40-0.60% max air dried between August 22 and September 30. Platts’ benchmark assessment for PCI
Calorific Value (CV): Min 7500-7850 max kcal/kg (GAR) reflects the mid-point of the delivery period
Hardgrove Grindability Index (HGI): Min 70-84 max
Total Carbon: Min 88-93.0% max air dried Quality: Price assessments reflect the value of PCI quality matching the following
specifications:
Other higher volatile PCI grades may be normalized to the Low Vol PCI specification.
Proximate analysis:
Quantity: Minimum parcel size 10,000 metric tons. Calorific Value (CV): 7800 kcal/kg
Hardgrove Grindability Index (HGI): 78
Ultimate analysis:
Contacts: For comments or queries please contact cokingcoal@platts.com and Total Carbon 90.5% air dried
Quality Normalization: Platts applies price escalator/de-escalators to
determine implied impurity premia/penalties at the point of trade. These
Low Vol PCI CFR India
differentials are determined with reference to current spot prices, to current
Platts launched on October 3, 2011, daily spot Low Vol PCI (Pulverized Coal value-in-use estimates, and to typical industry practices for impurity penalties
Injection) price assessments basis CFR India. under contract invoicing. Additional quality parameters, such as phosphorus,
may also be considered.
Price Assessment: Platts publishes the transactable value for Low Vol
PCI (Pulverized Coal Injection), indicating the price at which a cargo could Hard Coking Coal cargo prices will not be normalized to PCI standards, but will be
be traded at the close of the assessment period on the day of publishing. analyzed for pricing consistency.
Assessed values are based on confirmed spot transactions, firm bids / offers
of PCI (see minimum quality specifications below) normalized to the published Non-standard quality: Platts also applies selective price premia / discounts
specification; or in the absence of liquidity, where spot transactions would for non-standard quality specifications lying outside the typical min/max quality
have been concluded for the benchmark grade ranges for PCI.
Platts assessments also take into account demand/supply fundamentals in Australia Min / Max quality parameters for consideration in assessments: Only
and key consumer markets. Assessments also take into consideration daily Asia- Low Vol PCI (Pulverized Coal Injection) meeting the following minimum quality
Pacific price movements in associated commodity markets: hard coking coal, semi parameters are considered for direct normalization to the Low Vol PCI specification
soft coking coal, metallurgical coke, thermal coal, iron ore (benchmark IODEX (of 13.0% VM, 8.5% Ash, 0.55% S, 7800 kcal/kg CV, 78 HGI):
62% Fe basis CFR Qingdao, China) and steel (FOB China and domestic China price
assessments) as published by Platts. Volatile Matter (VM): Min 11.5-16.0% max air dried
Ash: Min 8.4-10% max air dried
Availability: Low Vol PCI (Pulverized Coal Injection) spot price assessments are Sulfur (S): Min 0.40-0.60% max air dried
published on the Platts real-time service Platts Metals Alert (PMA), in Platts Steel Calorific Value (CV): Min 7500-7850 max kcal/kg (GAR)
Markets Daily (SMD) and in Platts Coal Trader International (CTI). Hardgrove Grindability Index (HGI): Min 70-84 max
Total Carbon: Min 88-93.0% max air dried
Frequency: Price assessments are published daily and reflect market values
prevailing at the close of Asian markets, typically at 6.30 pm Singapore time. The Other higher volatile PCI grades may be normalized to the Low Vol PCI specification.
assessment is published following editorial engagement with market participants
such as producers, consumers, traders, shippers and other active spot market Quality inspections: Typically made at loading port. Differing quality results upon
participants. inspection at delivery port will not be taken into consideration.
Basis and Location: Cargoes delivered to the following ports in East India: Haldia, Quantity: Minimum parcel size 10,000 metric tons.
Paradip, Vizag. PCI prices from any ports in West India (Mundra, Kandla, Okha,
Mormugao, New Mangalore) or South India (Chennai) are normalized to the East Payment terms: Letter of Credit, payable at sight.
Indian port of Paradip for assessment purposes.
Contacts: For comments or queries please contact cokingcoal@platts.com and
Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US pricegroup@platts.com
dollar lump-sum and per day rates into $/mt equivalent assessments.
March 2012 11
Low Vol 12 Ash PCI FOB Australia Quality: Price assessments reflect the value of PCI quality matching the following
Platts launched on October 3, 2011, daily spot Low Vol 12% Ash PCI (Pulverized specifications:
Coal Injection) price assessments basis FOB Australia CFR China and CFR India.
Proximate analysis:
Price Assessment: Platts publishes the transactable value for Low Vol, higher ash Volatile Matter (VM): 15.0% air dried
PCI (Pulverized Coal Injection), indicating the price at which a cargo could be traded Ash: 12% air dried
at the close of the assessment period on the day of publishing. Assessed values Sulfur (S): 0.55% air dried
are based on confirmed spot transactions, firm bids / offers of PCI normalized to
the published specification; or in the absence of liquidity, where spot transactions Quality Normalization: Platts applies price escalator/de-escalators to determine
would have been concluded for the benchmark grade. Platts also considers on implied impurity premia/penalties at the point of trade. These differentials are
normalized basis, bids / offers or trades of comparable PCI traded FOB Canada, FOB determined with reference to current spot prices, to current value-in-use estimates,
Russia, FOB Indonesia or FOB China. and to typical industry practices for impurity penalties under contract invoicing.
Additional quality parameters, such as phosphorus, may also be considered.
Platts will also monitor the opportunity cost of PCI, as a guideline for its
assessments of spot market value. Opportunity cost may be derived by observing Hard Coking Coal cargo prices will not be normalized to PCI standards, but will be
spot trades of run-of-mine material and of by-product thermal coal. analyzed for pricing consistency.
Spot price bids/offers or trades of PCI in key consumer markets basis CFR China, Non-standard quality: Platts also applies selective price premia / discounts for
India or Japan/Korea/Taiwan may be netted back to FOB Australia basis using non-standard quality specifications.
assessed spot freight rates for dry bulk carriers on the day of assessment, for
comparison with spot prices basis FOB Australia. For netback calculations from CFR Quality inspections: Typically made at loading port. Differing quality results upon
destinations, differing Capesize, Panamax, Supramax and Handymax freight costs inspection at delivery port will not be taken into consideration.
are taken into consideration. Platts publishes daily Panamax spot freight costs
between Hay Point port in East Australia and Qingdao port in North China, and from Quantity: Minimum parcel size 10,000 metric tons.
Hay Point port in East Australia to Paradip port in East India.
Platts assessments also take into account demand/supply fundamentals in Australia
and key consumer markets. Assessments also take into consideration daily Asia- Contacts: For comments or queries please contact cokingcoal@platts.com and
Pacific price movements in associated commodity markets: hard coking coal, semi pricegroup@platts.com
soft coking coal, metallurgical coke, thermal coal, iron ore (benchmark IODEX
Low Vol 12 Ash PCI CFR China
assessments) as published by Platts.
Platts launched on October 3, 2011, daily spot Low Vol 12% Ash PCI (Pulverized
Availability: Low Vol 12 Ash PCI (Pulverized Coal Injection) spot price assessments Coal Injection) price assessments basis CFR China.
are published on the Platts real-time service Platts Metals Alert (PMA), in Platts
Steel Markets Daily (SMD) and in Platts Coal Trader International (CTI). Price Assessment: Platts publishes the transactable value for Low Vol, higher ash
PCI (Pulverized Coal Injection), indicating the price at which a cargo could be traded
Frequency: Price assessments are published daily and reflect market values at the close of the assessment period on the day of publishing. Assessed values
prevailing at the close of Asian markets, typically at 6.30 pm Singapore time. The are based on confirmed spot transactions, firm bids / offers of PCI normalized to
assessment is published following editorial engagement with market participants such the published specification; or in the absence of liquidity, where spot transactions
as producers, consumers, traders, shippers and other active spot market participants. would have been concluded for the benchmark grade.
Basis and Location: Cargoes loaded free on board at the following ports in Platts will also monitor the opportunity cost of PCI, as a guideline for its
Queensland: Hay Point Coal Terminal, Dalrymple Bay Coal Terminal, Gladstone, assessments of spot market value. Opportunity cost may be derived by observing
Abbot Point as well as major ports in New South Wales. Freight rates for PCI spot trades of run-of-mine material and of by-product thermal coal.
from any of these ports are normalized to Dalrymple Bay Coal Terminal port for
assessment purposes. Platts assessments also take into account demand/supply fundamentals in Australia
Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US Pacific price movements in associated commodity markets: hard coking coal, semi
dollar lump-sum and per day rates into $/mt equivalent assessments. soft coking coal, metallurgical coke, thermal coal, iron ore (benchmark IODEX
Timing: Platts assesses cargoes loading 7-45 days forward from the date of assessments) as published by Platts.
publication. For instance, on August 1, Platts assesses cargoes for loading between
August 8 and September 14. Platts’ benchmark assessment for PCI reflects the mid- Availability: Low Vol 12 Ash PCI (Pulverized Coal Injection) spot price assessments
point of the loading period. Cargoes traded with more prompt or further forward are published on the Platts real-time service Platts Metals Alert (PMA), in Platts
laycans are normalized to the middle of the month for assessment purposes. Steel Markets Daily (SMD) and in Platts Coal Trader International (CTI).
March 2012 12
Frequency: Price assessments are published daily and reflect market values are based on confirmed spot transactions, firm bids / offers of PCI normalized to
prevailing at the close of Asian markets, typically at 6.30 pm Singapore time. The the published specification; or in the absence of liquidity, where spot transactions
assessment is published following editorial engagement with market participants such would have been concluded for the benchmark grade.
as producers, consumers, traders, shippers and other active spot market participants.
Platts will also monitor the opportunity cost of PCI, as a guideline for its
Basis and Location: Cargoes delivered to the following ports in North China: assessments of spot market value. Opportunity cost may be derived by observing
Qingdao, Dalian, Qinhuangdao, Caofeidian, Tianjin, Jintang, Rizhao and Bayuquan. spot trades of run-of-mine material and of by-product thermal coal.
PCI prices from any ports in East China (Shanghai, Fujian) or South China (Guangzhou)
are normalized to the northern port of Qingdao for assessment purposes. Platts assessments also take into account demand/supply fundamentals in Australia
Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US Pacific price movements in associated commodity markets: hard coking coal, semi
dollar lump-sum and per day rates into $/mt equivalent assessments. soft coking coal, metallurgical coke, thermal coal, iron ore (benchmark IODEX
Timing: Platts assesses cargoes delivery CFR China 30-75 days forward from the assessments) as published by Platts.
date of publication. For instance, on August 1, Platts assesses cargoes for delivery
between August 31 and October 15 Platts’ benchmark assessment for PCI reflects Availability: Low Vol 12 Ash PCI (Pulverized Coal Injection) spot price assessments
the mid-point of the delivery period. are published on the Platts real-time service Platts Metals Alert (PMA), in Platts
Steel Markets Daily (SMD) and in Platts Coal Trader International (CTI).
specifications: Frequency: Price assessments are published daily and reflect market values
prevailing at the close of Asian markets, typically at 6.30 pm Singapore time. The
Proximate analysis: assessment is published following editorial engagement with market participants such
Volatile Matter (VM): 15.0% air dried as producers, consumers, traders, shippers and other active spot market participants.
Ash: 12% air dried
Sulfur (S): 0.55% air dried Basis and Location: Cargoes delivered to the following ports in East India: Haldia,
Paradip, Vizag. PCI prices from any ports in West India (Mundra, Kandla, Okha,
Quality Normalization: Platts applies price escalator/de-escalators to determine Mormugao, New Mangalore) or South India (Chennai) are normalized to the East
implied impurity premia/penalties at the point of trade. These differentials are Indian port of Paradip for assessment purposes.
and to typical industry practices for impurity penalties under contract invoicing. Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US
Additional quality parameters, such as phosphorus, may also be considered. dollar lump-sum and per day rates into $/mt equivalent assessments.
Hard Coking Coal cargo prices will not be normalized to PCI standards, but will be Timing: Platts assesses cargoes delivered CFR India 21-60 days forward from the
analyzed for pricing consistency. date of publication. For instance, on August 1, Platts assesses cargoes for delivery
between August 22 and September 30. Platts’ benchmark assessment for PCI
Non-standard quality: Platts also applies selective price premia / discounts for reflects the mid-point of the delivery period.
non-standard quality specifications.
Quality inspections: Typically made at loading port. Differing quality results upon specifications:
Proximate analysis:
Quantity: Minimum parcel size 10,000 metric tons. Volatile Matter (VM): 15.0% air dried
Ash: 12% air dried
Payment terms: Letter of Credit, payable at sight. Sulfur (S): 0.55% air dried
Contacts: For comments or queries please contact cokingcoal@platts.com and Quality Normalization: Platts applies price escalator/de-escalators to determine
pricegroup@platts.com implied impurity premia/penalties at the point of trade. These differentials are
Low Vol 12 Ash PCI CFR India
Additional quality parameters, such as phosphorus, may also be considered.
Platts launched on October 3, 2011, daily spot Low Vol 12% Ash PCI (Pulverized
Coal Injection) price assessments CFR India. Hard Coking Coal cargo prices will not be normalized to PCI standards, but will be
analyzed for pricing consistency.
Price Assessment: Platts publishes the transactable value for Low Vol, higher ash
PCI (Pulverized Coal Injection), indicating the price at which a cargo could be traded Non-standard quality: Platts also applies selective price premia / discounts for
at the close of the assessment period on the day of publishing. Assessed values non-standard quality specifications.
March 2012 13
Quality inspections: Typically made at loading port. Differing quality results upon Timing: Platts assesses cargoes loading 7-45 days forward from the date of
inspection at delivery port will not be taken into consideration. publication. For instance, on August 1, Platts assesses cargoes for loading between
August 8 and September 14. Platts’ benchmark assessment for Semi Soft Coking
Quantity: Minimum parcel size 10,000 metric tons. Coal reflects the mid-point of the loading period.
Payment terms: Letter of Credit, payable at sight. Quality: Price assessments reflect the value of Semi Soft Coking Coal quality
matching the following specifications:
Contacts: For comments or queries please contact cokingcoal@platts.com and
pricegroup@platts.com Proximate analysis:
Volatile Matter (VM): 34.0% air dried
Semi Soft Coking Coal FOB Australia
Platts launched on October 3, 2011, daily spot Semi Soft Coking Coal price Phosphorous (P): 0.025% air dried
assessments basis FOB Australia Fixed Carbon 53.0% air dried
Total Moisture (TM): 9.5% as received
Price Assessment: Platts publishes the transactable value for Semi Soft Coking
Coal, indicating the price at which a cargo could be traded at the close of the Coking properties:
assessment period on the day of publishing. Assessed values are based on confirmed Crucible swelling number (CSN): 5.5
spot transactions, firm bids / offers of semi soft coking coals (see minimum
quality specifications below) normalized to the published specification; or in the Quality Normalization: Platts applies price escalator/de-escalators to determine
absence of liquidity, where spot transactions would have been concluded for the implied impurity premia/penalties at the point of trade. These differentials are
benchmark grade. Platts also considers on normalized basis, bids / offers or trades of determined with reference to current spot prices, to current value-in-use estimates,
comparable semi soft coking coal traded FOB Indonesia and FOB New Zealand. and to typical industry practices for impurity penalties under contract invoicing.
Additional quality parameters, such as fluidity may also be considered.
Spot price bids/offers or trades of semi soft coking coal in key consumer markets
basis CFR China, India or Japan/Korea/Taiwan may be netted back to FOB Hard Coking Coal cargo prices will not be normalized to Semi Soft Coking Coal
Australia basis using assessed spot freight rates for dry bulk carriers on the day standards, but will be analyzed for pricing consistency.
of assessment, for comparison with spot prices basis FOB Australia. For netback
calculations from CFR destinations, differing Capesize, Panamax and Handymax Quality inspections: Typically made at loading port. Differing quality results upon
freight costs are taken into consideration. Platts publishes daily Panamax spot inspection at delivery port will not be taken into consideration.
freight costs between Hay Point port in East Australia and Qingdao port in North
China, and from Hay Point port in East Australia to Paradip port in East India. Quantity: Minimum parcel size 10,000 metric tons.
Platts assessments also take into account demand/supply fundamentals in Australia Payment terms: Letter of Credit, payable at sight.
Pacific price movements in associated commodity markets: hard coking coal, PCI, Contacts: For comments or queries please contact cokingcoal@platts.com and
thermal coal, iron ore (benchmark IODEX 62% Fe basis CFR Qingdao, China) and pricegroup@platts.com
steel (FOB China and domestic China price assessments) as published by Platts.
Semi Soft Coking Coal CFR China

Availability: Semi Soft Coking Coal spot price assessments are published on the
Platts real-time service Platts Metals Alert (PMA), in Platts Steel Markets Daily Platts launched on October 3, 2011, daily spot Semi Soft Coking Coal price
(SMD) and in Platts Coal Trader International (CTI). assessments basis CFR China.
Frequency: Price assessments are published daily and reflect market values Price Assessment: Platts publishes the transactable value for Semi Soft
prevailing at the close of Asian markets, typically at 6.30 pm Singapore time. The Coking Coal, indicating the price at which a cargo could be traded at the close
assessment is published following editorial engagement with market participants such of the assessment period on the day of publishing. Assessed values are based
as producers, consumers, traders, shippers and other active spot market participants. on confirmed spot transactions, firm bids / offers of semi soft coking coals (see
minimum quality specifications below) normalized to the published specification; or
Basis and Location: Cargoes loaded free on board at the following ports in in the absence of liquidity, where spot transactions would have been concluded for
Queensland: Hay Point Coal Terminal, Dalrymple Bay Coal Terminal, Gladstone, the benchmark grade.
Abbot Point as well as major ports in New South Wales. Freight rates for SSCC
from any of these ports are normalized to Dalrymple Bay Coal Terminal port for Platts assessments also take into account demand/supply fundamentals in Australia
assessment purposes. and key consumer markets. Assessments also take into consideration daily Asia-
Pacific price movements in associated commodity markets: hard coking coal, PCI,
Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US thermal coal, iron ore (benchmark IODEX 62% Fe basis CFR Qingdao, China) and
dollar lump-sum and per day rates into $/mt equivalent assessments. steel (FOB China and domestic China price assessments) as published by Platts.
March 2012 14
Availability: Semi Soft Coking Coal spot price assessments are published on the Semi Soft Coking Coal CFR India
Platts real-time service Platts Metals Alert (PMA), in Platts Steel Markets Daily Platts launched on October 3, 2011, daily spot Semi Soft Coking Coal price
(SMD) and in Platts Coal Trader International (CTI). assessments basis CFR India.
Frequency: Price assessments are published daily and reflect market values Price Assessment: Platts publishes the transactable value for Semi Soft Coking
prevailing at the close of Asian markets, typically at 6.30 pm Singapore time. The Coal, indicating the price at which a cargo could be traded at the close of the
assessment is published following editorial engagement with market participants assessment period on the day of publishing. Assessed values are based on confirmed
such as producers, consumers, traders, shippers and other active spot market spot transactions, firm bids / offers of semi soft coking coals (see minimum
participants. quality specifications below) normalized to the published specification; or in the
absence of liquidity, where spot transactions would have been concluded for the
Basis and Location: Cargoes delivered to the following ports in North China: benchmark grade. Platts also considers on normalized basis, bids / offers or trades of
Qingdao, Dalian, Qinhuangdao, Caofeidian, Tianjin, Jintang, Rizhao and Bayuquan. comparable semi soft coking coal traded FOB Indonesia and FOB New Zealand.
SSCC prices from any ports in East China (Shanghai, Fujian) or South China
(Guangzhou) are normalized to the northern port of Qingdao for assessment purposes. Platts assessments also take into account demand/supply fundamentals in Australia
Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US Pacific price movements in associated commodity markets: hard coking coal, PCI,
dollar lump-sum and per day rates into $/mt equivalent assessments. thermal coal, iron ore (benchmark IODEX 62% Fe basis CFR Qingdao, China) and
steel (FOB China and domestic China price assessments) as published by Platts.
Timing Platts assesses cargoes delivery CFR China 30-75 days forward from the
date of publication. For instance, on August 1, Platts assesses cargoes for delivery Availability: Semi Soft Coking Coal spot price assessments are published on the
between August 31 and October 15 . Platts’ benchmark assessment for Semi Soft Platts real-time service Platts Metals Alert (PMA), in Platts Steel Markets Daily
Coking Coal reflects the mid-point of the delivery period. (SMD) and in Platts Coal Trader International (CTI).
Quality: Price assessments reflect the value of Semi Soft Coking Coal quality Frequency: Price assessments are published daily and reflect market values
matching the following specifications: prevailing at the close of Asian markets, typically at 6.30 pm Singapore time. The
assessment is published following editorial engagement with market participants
Proximate analysis: such as producers, consumers, traders, shippers and other active spot market
Volatile Matter (VM): 34.0% air dried participants.
Sulfur (S): 0.58% air dried Basis and Location: Cargoes delivered to the following ports in East India: Haldia,
Phosphorous (P): 0.025% air dried Paradip, Vizag. SSCC prices from any ports in West India (Mundra, Kandla, Okha,
Fixed Carbon 53.0% air dried Mormugao, New Mangalore) or South India (Chennai) are normalized to the East
Total Moisture (TM): 9.5% as received Indian port of Paradip for assessment purposes.
Coking properties: Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US
Crucible swelling number (CSN): 5.5 dollar lump-sum and per day rates into $/mt equivalent assessments.
Quality Normalization: Platts applies price escalator/de-escalators to determine Timing: Platts assesses cargoes loading CFR India 21-60 days forward from the
implied impurity premia/penalties at the point of trade. These differentials are date of publication. For instance, on August 1, Platts assesses cargoes for delivery
determined with reference to current spot prices, to current value-in-use estimates, between August 22 and September 30. Platts’ benchmark assessment for Semi Soft
and to typical industry practices for impurity penalties under contract invoicing. Coking Coal reflects the mid-point of the delivery period.
Quality: Price assessments reflect the value of Semi Soft Coking Coal quality
Hard Coking Coal cargo prices will not be normalized to Semi Soft Coking Coal matching the following specifications:
standards, but will be analyzed for pricing consistency.
Proximate analysis:
Quantity: Minimum parcel size 10,000 metric tons. Phosphorous (P): 0.025% air dried
Fixed Carbon 53.0% air dried
Payment terms: Letter of Credit, payable at sight. Total Moisture (TM): 9.5% as received
Contacts: For comments or queries please contact cokingcoal@platts.com and Coking properties:
pricegroup@platts.com Crucible swelling number (CSN): 5.5
March 2012 15
Quality Normalization: Platts applies price escalator/de-escalators to determine Timing: : Platts assesses cargoes delivered CFR India 21-60 days forward from the
implied impurity premia/penalties at the point of trade. These differentials are date of publication. For instance, on August 1, Platts assesses cargoes for delivered
determined with reference to current spot prices, to current value-in-use estimates, between August 22 and September 30. Platts’ benchmark assessment for Met Coke
and to typical industry practices for impurity penalties under contract invoicing. reflects the mid-point of the delivery period.
Quality: Price assessments reflect the value of metallurgical coke quality matching
Hard Coking Coal cargo prices will not be normalized to Semi Soft Coking Coal the following specifications:
standards, but will be analyzed for pricing consistency.
CSR: 62%
Quality inspections: Typically made at loading port. Differing quality results upon Ash: 12.5% air dried
inspection at delivery port will not be taken into consideration. Micum 40: 82% min
Micum 10: 8% max
Quantity: Minimum parcel size 10,000 metric tons. Size: 30-80 mm
CRI: 25-26%
Payment terms: Letter of Credit, payable at sight. Total Moisture: 5%
Contacts: For comments or queries please contact cokingcoal@platts.com and Quality Normalization: Platts applies price escalator/de-escalators to determine
pricegroup@platts.com implied impurity premia/penalties at the point of trade. These differentials are
Met coke CFR East India
Other quality parameters may also be considered.
Platts launched on August 1, 2011, daily spot Met Coke price assessments basis
CFR East India. Coking coal prices will not be normalized to Met Coke standards, but will be
analyzed for pricing consistency.
Price Assessment: Platts publishes the transactable value for Met Coke indicating
the price at which a cargo could be traded on CFR East India basis at the close of Non-standard quality: Platts also applies selective price premia / discounts for
the assessment period on the day of publishing. Assessed values are based on non-standard quality specifications
confirmed spot transactions, firm bids / offers of metallurgical coke (see minimum
quality specifications below) normalized to the published specification; or in the Quality inspections: Typically made at loading port. Differing quality results upon
absence of liquidity, where spot transactions would have been concluded for the inspection at delivery port will not be taken into consideration.
benchmark grade.
Quantity: Minimum parcel size 5,000 metric tons.
Platts assessments also take into account demand/supply fundamentals in India
and other key consumer markets. Assessments also take into consideration daily Payment terms: Letter of Credit, payable at sight.
Asia-Pacific price movements in associated commodity markets: hard coking coal,
semi soft coking coal, low-vol PCI, thermal coal, iron ore (benchmark IODEX 62% Contacts: For comments or queries please contact cokingcoal@platts.com and
Fe basis CFR Qingdao, China) and steel (FOB China and domestic China price pricegroup@platts.com
assessments) as published by Platts.
Platts Dry Bulk Freight Assessment Methodology

Availability: Met Coke CFR East India spot price assessments are published on
the Platts real-time service Platts Metals Alert (PMA), in Platts Steel Markets Daily Platts assesses dry bulk freight assessments for coking coal cargoes shipped around
(SMD) and in Platts Coal Trader International (CTI). the Asia-Pacific region on standard vessels of the specified vessel class. The
following specifications apply for assessment of key shipping lanes:
Frequency: Price assessments are published daily and reflect market values
prevailing at the close of Asian markets, typically at 6.30 pm Singapore time (1030 Route: Australia-China
GMT). The assessment is published following editorial engagement with market
participants such as producers, consumers, traders, shippers and other active spot Launch date: March 15, 2010
market participants.
Port to Port: East Australia main ports (Gladstone, Dalrymple Bay, Hay Point,
Basis and Location: Cargoes delivered to the following ports in East India: Haldia, Abbott Point, Brisbane, Newcastle and Port Kembla) normalized to Hay Point port,
Paradip, Vizag. Metallurgical coke prices from any ports in West India (Mundra, Queensland state; to North China main ports (Qingdao, Dalian, Qinhuangdao,
Kandla, Okha, Mormugao, New Mangalore) or South India (Chennai) are normalized Caofeidian, Jintang), East China main ports (Shanghai, Fujian) or South China main
to the East Indian port of Paradip for assessment purposes. ports (Guangzhou), normalized to Qingdao port, North China.
Units: All prices are quoted in US dollars per metric ton ($/mt). Platts converts US Vessel Class: The assessment represents the cost of freight for cargo carried on a
dollar lump-sum and per day rates into $/mt equivalent assessments. standard Panamax class vessel of 72,000-77,000 dwt.
March 2012 16
Vessel Quality: Well approved modern tonnage only, not exceeding 10 years of age. Platts Monthly Global
Metallurgical Coal Assessments
Gearing: Assessments consider gearless vessels as standard. Spot prices for Availability: Platts’ monthly global metallurgical coal (MetCoal) assessments have
geared vessels will be normalized. been published in International Coal Report since April 2009, superseding quarterly
assessments started April 2002 published for the same range of met coal markets.
Timing: Platts assesses spot market freight costs for vessels loading FOB Australia
(bound for India) from 7 to 45 days forward from the date of publication. For Methodology: Assessments are published following editorial engagement with
instance, on July 1, Platts assesses rates for vessel loadings between July 8 and producers, consumers, traders, shippers and other active spot market participants.
August 15. Fixtures for more prompt timings, or further forward timings, are not Traded and tradable values based on bids and offers are used along with editorial
considered for spot price assessment. judgment to arrive at the published price ranges.
Timestamp: Close-of-market data for assessments is 6.30 pm Singapore time(1030 Frequency: Assessments are published monthly, based on spot market information
GMT), coinciding with Platts other daily coking coal and dry bulk freight assessments. collected from active global market sources by 5 pm London time on the last
Friday of each prior calendar month. Prior to April 2009, Platts published these
Route: Australia-India assessments quarterly (January, April, July and October), with a historical data
series available for the period of April 2002 to January 2009
Launch date: July 5, 2010
Basis and location: Seaborne coking coal FOB Hampton Roads (US) and FOB East
Port to Port: East Australia main ports (Gladstone, Dalrymple Bay, Hay Point, Coast US (blend); FOB West Coast Canada; FOB News South Wales (NSW) and
Abbott Point, Brisbane, Newcastle and Port Kembla, normalized to Hay Point port, Queensland, Australia; FOB Poland; FOB Pacific Coast and Baltic Russia; CFR China;
Queensland state); and India main ports (Paradip, Vizag and Haldia, normalized to FOB South Africa; FOB Indonesia; FOB Colombia; and FOB Venezuela. Loadings and
Paradip port, Orissa state in eastern India). deliveries from/to terminals in all major coal ports in these locations are considered
for assessment.
Vessel Class: The assessment represents the cost of freight for cargo carried on a
standard Panamax class vessel of 72,000-77,000 dwt. Timing: Cargoes traded for loading / delivery within the next 90 days. Term
(contract) prices are not included for assessment.
Vessel Quality: Well approved modern tonnage only, not exceeding 10 years of age.
Quality: All coking coal assessments in the pricing table are for hard coking coal
Gearing: Assessments consider gearless vessels as standard. Spot prices for except as noted for semi-soft coking coal and PCI. Specifications for volatile matter
geared vessels will be normalized. (Vol., in a range of % content, air dried) and for ash (max %, air dried) and total
sulfur (max %, air dried) represent the range of quality characteristics of available
Timing: Platts assesses spot market freight costs for vessels loading FOB Australia coals in the region. Quality specifications do not represent any particular grade or
(bound for India) from 7 to 45 days forward from the date of publication. For brand of coking coal.
instance, on July 1, Platts assesses rates for vessel loadings between July 8 and
August 15. Fixtures for more prompt timings, or further forward timings, are not Volume: Standard full shipments of hard coking coal, semi-soft coking coal and
considered for spot price assessment. PCI loaded onto Capesize, Panamax and Handymax vessels. Shipments in smaller
vessels than Panamax are price normalized to Panamax class freight costs.
Timestamp: Close-of-market data for assessments is 6.30 pm Singapore time (1030
GMT), coinciding with Platts other daily coking coal and dry bulk freight assessments. Unit: All prices are quoted in US dollars per metric ton ($/mt) including moisture
content. Prices are published as a low-high range of the tradable value on the day
Contacts: For comments or queries please contact cokingcoal@platts.com and of publication.
Contact: For comments or queries please contact cokingcoal@platts.com.
March 2012 17

Methodology and Specifications Guide: Metallurgical Coal

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METHODOLOGY AND SPECIFICATIONS GUIDE

Platts methodology guides 2 Metallurgical coal

The McGraw Hill Companies

Phase 1: First-tier counterparties (producers, traders, consumers) are active as

Data codes Quantity / Order size

Hard Coking Coal (Peak Downs Region) FOB Australia

Hard Coking Coal CFR China

Low Vol PCI FOB Australia

Semi Soft Coking Coal CFR China

Platts Dry Bulk Freight Assessment Methodology

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