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  • 2026年4月23日
  • Market: Metals

A decade and a half since inception, met coal indexation has only half delivered on its promise. Futures never took off, spot buyers are increasingly splintered across geographies, and producers rely on a single supply source to test prices for an entire ecosystem. With China withdrawing from the seaborne market and new importers testing different blends, the met coal industry is leaning on an index built for a previous era. It should continue to experiment if results aren’t perfect

Key topics covered:

  • Stuck in adolescence
  • Futures development
  • Fungibility: A lack thereof
  • An unshared (PHLV) burden
  • Go hard, not home
  • Hard coking coal (HCC)

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