Argus launches an additional fob Newcastle price assessment for thermal coal
Singapore, 3 February 2012
Global energy price reporting agency Argus has introduced a weekly fob Newcastle 5,500 kcal/kg NAR (net as received) within 90 days assessment in the Argus Coal Daily International report. The new assessment is in addition to the existing fob Newcastle 6,000 kcal/kg NAR within 90 days assessment.
The new assessment is being launched in response to industry feedback that shows clear demand for a new price reference, owing to the substantial trading volume of 5,500 kcal/kg NAR coal from Newcastle, Australia, to northeast Asia, especially China.
China’s bituminous coal imports from Australia hit 3.1mn t in November last year, more than double imports a month earlier and a threefold increase from the same month in 2010. Asian demand for thermal coal is expected to continue to migrate from higher quality to more competitively priced lower quality coal, especially in the more price-conscious markets of China and India as they need to power their growing economies.
The Newcastle 5,500 kcal/kg assessment will be based on the well-known and trusted Argus and API methodology, using a combination of confirmed transactions and market views from a broad spectrum of the market, including producers, consumers such as power plants and cement producers, and traders.
“The new assessment will be a key reference point for major industry participants including coal traders, risk managers and regulators,” Argus Media chairman and chief executive Adrian Binks said.
Argus is a leading international provider of global coal price information including the Indonesian Coal Index (ICI) and, in association with IHS McCloskey, the API 2 (cif ARA), API 4 (fob Richards Bay) and API 6 (fob Newcastle) coal market benchmarks. Argus Coal Daily International provides global coal price assessments, extensive market commentary and market-moving news. Information on Argus’ various coal reports is available at www.argusmedia.com/coal.
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Argus Media is a leading provider of price assessments, business intelligence and market data on the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertilizer and transportation industries. It is headquartered in London and has offices in Houston, Washington, New York, Portland, Calgary, Johannesburg, Dubai, Singapore, Tokyo, Beijing, Sydney, Moscow, Astana, Kiev, Santiago and other key centres of the energy industry. Argus was founded in 1970 and is a privately held UK-registered company. Learn more at www.argusmedia.com.