globalCOAL has announced that all ready for the launch of metallurgical coal trading on the globalCOAL platform on 13 October 2015.
The globalCOAL community has swelled with an influx of new market members ahead of the launch. Key participants from the steel industry have signed up, including Jindal Steel and Power, Duferco, TATA Steel UK, Salzgitter Flachstahl, and Daewoo International Corp. They join long-established globalCOAL Market Members such as BHP Billiton, Anglo American, Glencore, Rio Tinto’s Queensland Coal, Peabody Coaltrade and Vale International. Over 60 Market Members have an involvement in the metallurgical coal market.
“The met coal platform is fully ready for launch”, confirmed Philip Shawcross, Head of Metallurgical Coal at globalCOAL. “We have strong support across the industry, from steel mills and other end-users to [metallurgical] coal producers and traders.”
Eoghan Cunningham, CEO of globalCOAL, said: “We know this can be a game changer for [metallurgical] coal. We want to bring transparency to this opaque market by providing reliable, comparable pricing points based on actual trades and tradeable bids and offers for high quality premium coking coal. This will benefit market participants by giving them forward price visibility and enabling them to better manage their risk.”
A single specification will be available to trade at launch – premium mid volatile metallurgical coal delivered FOB Australia (HCCA). The HCCA product is defined with clear quality specifications and strict rejection parameters, which give buyers comfort that only high quality coal or specific coal Brands can be delivered. All transactions on the platform will be basis SCoTA – globalCOAL’s tried-and-tested Standard Coal Trading Agreement.
Edited from press release by Angharad Lock
Read the article online at: https://www.worldcoal.com/coal/08102015/new-market-members-join-globalcoal-2985/