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globalCoal launches met coal contract

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World Coal,

Online coal trading platform, globalCoal, are to launch online trading of physical metallurgical coal on 13 October, according to a company press release.

“The recent trend towards spot pricing in the global metallurgical coal market has led to a pressing need for transparent price discovery,” globalCoal said. “Following extensive market consultation, globalCoal has developed a robust physical met coal contract which will soon be available on the globalCoal platform.”

The contract will cover premium mid-volatile hard coking coal with clear quality specifications and strict rejection parameters, continued the company, to ensure that buyers only receive high-quality coal or specific coal brands.

A new predictive CSR formula has also be developed in conjunction with ALS Coal to provide the basis for fair price adjustments.

“With this initiative, we are replicating a tried-and-tested model, which has successfully increased price transparency in the seaborne thermal coal market,” commented Eoghan Cunningham, CEO of globalCoal. “We hope to see it bring as much benefit to the met coal world.

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