globalCOAL’s first trading session for metallurgical coal was active with markets in both the Phys HCCA and the Phys HCCA (branded) products, with spreads narrowing through the liquidity window. Prices were posted in three delivery periods – November 2015, December 15 and 1Q16 – with market depth concentrated in the December contracts.
One trade of 75 000 t was carried out at the session at a price of US$76.75/t. It was in the Phys HCCA (FOB Australia) market for delivery in December 2015. The seller will supply coal that meets HCCA specification.
“We’re very pleased with this result,” commented Philip Shawcross, Head of Metallurgical Coal at globalCOAL. “The launch was well supported with representatives from the steel sector, coal producers and trading houses logging in and posting bids and offers from around the world.”
Eoghan Cunningham, CEO of globalCOAL, said: “As liquidity develops, we’ll start to see more and more pricing points flowing to the market to inform procurement decisions, price negotiations and risk management strategies. We see the globalCOAL platform – and its members – playing an important role in bringing transparency to the metallurgical coal market.”
Edited from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/coal/14102015/globalcoals-first-metallurgical-coal-trading-session-3005/