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Argus/McCloskey's Coal Price Index Service

An Argus/IHS McCloskey market service - daily and weekly updates

The Argus/McCloskey's Coal Price Index service is the source of the API prices, which are the key indexes used for international physical and derivatives coal business.

 API 2 index
The industry standard reference price used to trade coal imported into northwest Europe. The API 2 index is an average of the Argus cif Rotterdam assessment and IHS McCloskey’s northwest European steam coal marker.

API 3 index
The API 3 index is the average of the weekly Argus’ fob Richards Bay 5,500kcal/kg NAR assessment and the weekly IHS McCloskey South African 5,500kcal/kg NAR FOB marker.

API 3 prorated-API 4
The API 3 prorated-API 4 differential is the difference between the weekly API 3 index and API 4 index adjusted for the difference in calorific value between the two grades of coal.

API 4 index
The price for all coal exported out of Richards Bay, South Africa. The API 4 index is calculated as an average of the Argus fob Richards Bay assessment and the IHS McCloskey fob Richards Bay marker.

API 5 index
The price for exports of 5,500 kcal/kg NAR (net as received), high-ash coal from Australia. The index is calculated as an average of the Argus fob Newcastle 5,500 kcal/kg assessment and the equivalent from IHS McCloskey.

API 6 index
The API 6 index represents 6,000 kcal/kg NAR coal exported from Australia. The API 6 index is calculated as an average of the Argus fob Newcastle 6,000 kcal/kg assessment and the equivalent from IHS McCloskey.

API 8 index
The API 8 index is the price for 5,500 kcal/kg NAR coal delivered to south China. It is calculated as an average of the Argus 5,500 kcal/kg cfr south China price assessment, and the IHS McCloskey/Xinhua Infolink south China marker.

API 10 index
The API 10 (fob Puerto Bolivar 6,000 kcal/kg) assessment is the average of the Argus fob Puerto Bolivar (6,000 kcal/kg) daily assessments and the IHS McCloskey weekly fob Puerto Bolivar (6,000 kcal/kg) marker on Friday.

API 12 index
The API 12 index is the price for 5,500 kcal/kg NAR coal delivered to east India. It is calculated as an average of the Argus 5,500 kcal/kg cfr east India price assessment, and the IHS McCloskey India East Coast (5,500kc NAR) marker.

Markets Covered

  • Northwest Europe 
  • South Africa 
  • Australia
  • South China
  • Colombia
  • India
  • Weekly average coal price —
    1. Northwest Europe (cif ARA) API 2 index
    2. South Africa (fob Richards Bay, 5,500) API 3 index
    3. South Africa (fob Richards Bay) API 4 index 
    4. Australia (fob Newcastle) API 5 index
    5. Australia (fob Newcastle) API 6 index
    6. Cfr south China API 8 index 
    7. fob Puerto Bolivar API 10 index
    8. Cfr east India API 12 index
  • Monthly coal price — API 2, API3, API 4, API 5, API 6, API 8, API 10, API 12 indexes 
  • Daily coal price — API 2, API 4 indexes 
  • Historical trends for  weekly API 2, API 3, API 4, API 5, API 6, API 8, API 10, API 12 indexes 
  • Monthly trends for daily API 2, API 4 indexes

These prices are available exclusively through the Argus/McCloskey's Coal Price Index service.

Key Features

  • Daily, weekly and monthly price indexes for international coal prices 
  • Historical trend data enabling you to track prices that may have been used in past projects and contracts
  • Easy to read charts and graphs 

The API 2 and API 4 indexes are used as the standard international price reference in coal physical and OTC contracts. More than 90pc of the world's traded coal derivatives use these benchmarks for price settlement.


Argus/McCloskey Coal Price Index service subscribers include international trading firms, energy exchanges, planners, risk managers, business development staff, brokers, governments, regulators, large energy producers, investment banks, senior executives, utilities, generators and researchers.

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