Met Coal Method

Specifications guide
Metallurgical coal
Latest update: July 2019
Definitions of the trading locations for which Platts

publishes indexes or assessments 2
Hard coking coal 3
Penalties & Premia 7
PCI Coal 8
Semi-soft coking coal 12
Metallurgical Coke 13
Swaps 15
PCC Met (China domestic prices) 16
Freight & Netbacks 18
Differentials 19
Revision history 20
www.spglobal.com/platts
Specifications guide Metallurgical coal: July 2019
Definitions of the trading locations for which Platts publishes indexes or assessments
All the assessments listed here employ Platts Assessments This methodology is current at the time of publication.
Methodology, as published at https://www.spglobal.com/platts/ Platts may issue further updates and enhancements to this
plattscontent/_assets/_files/en/our-methodology/methodology- methodology and will announce these to subscribers through
specifications/platts-assessments-methodology-guide.pdf. its usual publications of record. Such updates will be included
in the next version of the methodology. Platts editorial staff
These guides are designed to give Platts subscribers as much and managers will usually be ready to provide guidance when
information as possible about a wide range of methodology and assessment issues require clarification.
specification questions.
Platts publishes daily assessments for six grades of hard coking
This guide is current at the time of publication. Platts may coal, two assessments for PCI coal, one assessment for semi-
issue further updates and enhancements to this guide and will soft coking coal and three assessments for metallurgical coke,
announce these to subscribers through its usual publications for locations of loading/delivery detailed in the table below.
of record. Such updates will be included in the next version of
this guide. Platts editorial staff and managers are available to $/mt FOB CFR CFR FOB CFR
provide guidance when assessment issues require clarification. Australia China India China NW Europe
Peak Downs Region n n n
Platts metallurgical coal price assessments are timestamped; Premium Low Vol n n n n
the time and location are noted below unless otherwise stated in HCC 64 Mid Vol n n n
the specification: Low Vol PCI n n n
Mid Tier PCI n n n
Asia Pacific 5.30 pm Singapore Semi Soft n n n
Met Coke - - n n
Atlantic 4.30 pm London Met Coke 66/65 - - - n
Peak Downs FOB n
Assessed specifications
(China Netback)
CSR VM Ash S P TM Fluidity
Premium Low Vol FOB n
Peak Downs Region: 74% 20.70% 10.50% 0.60% 0.03% 9.50% 400 (China Netback)
Premium Low Vol: 71% 21.50% 9.30% 0.50% 0.05% 9.70% 500
HCC 64 Mid Vol: 62% 21.50% 8.00% 0.45% 0.06% 10.50% 100 FOB
USEC
Low Vol n
The following Metallurgical Coal specifications guide contains High-Vol A HCC n
the primary specifications and methodologies for Platts High-Vol B HCC n
Metallurgical Coal assessments throughout the world. The
various components of this guide are designed to give Platts
subscribers as much information as possible about a wide range
of methodology and specification issues.
© 2019 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
Hard coking coal

Assessment CODE Mavg Wavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
HCC Peak Downs FOB 74% CSR, 20.7% VM, 9.5% TM, 10.5% ash, 0.6% sulfur, 0.03% phosphorus, 400 FOB Hay Point, Letter of Credit,
HCCGA00 HCCGA03 Minimum 10,000 mt NA Loading in 7-45 days USD/MT
Australia ddmp maximum fluidity, 8.5 CSN, 71% vitrinite, 1.42% Ro Max, 50 mm max Australia payable at sight
Hard Coking Coal Peak Downs HCCGC00 HCCGC03 74% CSR, 20.7% VM, 9.5% TM, 10.5% ash, 0.6% sulfur, 0.03% phosphorus, 400 Minimum 10,000 mt NA CFR Qingdao, Delivered in 20-65 Letter of Credit, USD/MT
CFR China ddmp maximum fluidity, 8.5 CSN, 71% vitrinite, 1.42% Ro Max, 50 mm max China days payable at sight
HCC Peak Downs CFR India HCCGI00 HCCGI03 74% CSR, 20.7% VM, 9.5% TM, 10.5% ash, 0.6% sulfur, 0.03% phosphorus, 400 Minimum 10,000 mt NA CFR Paradip, India Delivered in 22-65 Letter of Credit, USD/MT
ddmp maximum fluidity, 8.5 CSN, 71% vitrinite, 1.42% Ro Max, 50 mm max days payable at sight
Prem Low Vol HCC FOB Aus PLVHA00 PLVHA03 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, 500 Minimum 10,000 mt NA FOB Hay Point, Loading in 7-45 days Letter of Credit, USD/MT
ddpm maximum fluidity, 65% vitrinite Australia payable at sight
Prem Low Vol HCC CFR China PLVHC00 PLVHC03 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, 500 Minimum 10,000 mt NA CFR Qingdao, Delivered in 20-65 Letter of Credit, USD/MT
ddpm maximum fluidity, 65% vitrinite China days payable at sight
TSI Prem JM25 Coking Coal TS01044 TSMBR03 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, 500 Minimum 10,000 mt NA CFR Qingdao, Delivered in 20-65 Letter of Credit, USD/MT
China Imports CFR Jingtang ddpm maximum fluidity, 65% vitrinite China days payable at sight
Port
Prem Low Vol HCC CFR India PLVHI00 PLVHI03 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, 500 Minimum 10,000 mt NA CFR Paradip, India Delivered in 22-65 Letter of Credit, USD/MT
ddpm maximum fluidity, 65% vitrinite days payable at sight
Hard Coking Coal FOB HCCAU00 HCCAU03 HCCAU04 62% CSR, 21.5% VM, 10.5% TM, 8% ash, 0.45% sulfur, 0.06% phosphorus, 100 Minimum 10,000 mt NA FOB Hay Point, Loading in 7-45 days Letter of Credit, USD/MT
Australia ddpm maximum fluidity, 52% vitrinite Australia payable at sight
TSI Hard Coking Coal TS01035 TSMBI03 62% CSR, 21.5% VM, 10.5% TM, 8% ash, 0.45% sulfur, 0.06% phosphorus, 100 Minimum 10,000 mt NA FOB Hay Point, Loading in 7-45 days Letter of Credit, USD/MT
Australia Export FOB East ddpm maximum fluidity, 52% vitrinite Australia payable at sight
Coast Port
Hard Coking Coal CFR China HCCCH00 HCCCH03 HCCCH04 62% CSR, 21.5% VM, 10.5% TM, 8% ash, 0.45% sulfur, 0.06% phosphorus, 100 Minimum 10,000 mt NA CFR Qingdao, Delivered in 20-65 Letter of Credit, USD/MT
ddpm maximum fluidity, 52% vitrinite China days payable at sight
TSI Hard JM25 Coking Coal TS01045 TSMBS03 62% CSR, 21.5% VM, 10.5% TM, 8% ash, 0.45% sulfur, 0.06% phosphorus, 100 Minimum 10,000 mt NA CFR Qingdao, Delivered in 20-65 Letter of Credit, USD/MT
China Imports CFR Jingtang Port ddpm maximum fluidity, 52% vitrinite China days payable at sight
Hard Coking Coal CFR India HCCIN00 HCCIN03 HCCIN04 62% CSR, 21.5% VM, 10.5% TM, 8% ash, 0.45% sulfur, 0.06% phosphorus, 100 Minimum 10,000 mt NA CFR Paradip, India Delivered in 22-65 Letter of Credit, USD/MT
ddpm maximum fluidity, 52% vitrinite days payable at sight
Low Vol Hard Coking Coal FOB AAWWR00 AAWWR03 Low-vol HCC 19% VM, 58% CSR, 0.8% sulfur, 8% ash, 8% TM Minimum 10,000 mt NA FOB Hampton Loading in 14-60 days Letter of Credit, USD/MT
USEC $/mt Roads, US payable at sight
High Vol A Coking Coal FOB AAWWS00 AAWWS03 High-vol A HCC, 32% VM, 30,000 ddpm, 0.85% sulfur, 7% ash, 8% TM Minimum 10,000 mt NA FOB Hampton Loading in 14-60 days Letter of Credit, USD/MT
High Vol B Coking Coal FOB AAWWT00 AAWWT03 High-vol B HCC, 34% VM, 25,000 ddpm, 0.95% sulfur, 8% ash, 8% TM Minimum 10,000 mt NA FOB Hampton Loading in 14-60 days Letter of Credit, USD/MT
Prem Low Vol Ex-Stock AAWZN00 AAWZN03 AAWZN04 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, 500 Typically 10,000- NA ex-stock Jingtang Delivery within 20 Cash payment CNY/MT
Jingtang Yuan/MT Wkly ddpm maximum fluidity, 65% vitrinite 20,000 mt port, China days
Prem Low Vol CFR Jingtang AAWZO00 AAWZO03 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, 500 Typically 10,000- NA ex-stock Jingtang Delivery within 20 Cash payment USD/MT
Equivalent $/MT Wkly ddpm maximum fluidity, 65% vitrinite 20,000 mt port, China days
HCC 64 Mid Vol Ex-Stock AAWZP00 AAWZP03 64% CSR, 25.5% VM, 9.5% TM, 9% ash, 0.6% sulfur, 0.05% phosphorus, 1,700 ddpm Typically 10,000- NA ex-stock Jingtang Delivery within 20 Cash payment CNY/MT
Jingtang Yuan/MT Wkly maximum fluidity, 55% vitrinite 20,000 mt port, China days
HCC 64 Mid Vol CFR Jingtang AAWZQ00 AAWZQ03 64% CSR, 25.5% VM, 9.5% TM, 9% ash, 0.6% sulfur, 0.05% phosphorus, 1,700 ddpm Typically 10,000- NA ex-stock Jingtang Delivery within 20 Cash payment USD/MT
Equivalent $/MT Wkly maximum fluidity, 55% vitrinite 20,000 mt port, China days
HCC Peak Downs FOB China HCCGD00 74% CSR, 20.7% VM, 9.5% TM, 10.5% ash, 0.6% sulfur, 0.03% phosphorus, 400 Minimum 10,000 mt NA FOB Hay Point, Loading in 7-45 days Letter of Credit, USD/MT
Netback ddmp maximum fluidity, 8.5 CSN, 71% vitrinite, 1.42% Ro Max, 50 mm max Australia payable at sight
Prem Low Vol HCC FOB China PLVHD00 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, 500 Minimum 10,000 mt NA FOB Hay Point, Loading in 7-45 days Letter of Credit, USD/MT
Netback ddpm maximum fluidity, 65% vitrinite Australia payable at sight
Prem Low Vol HCC CFR NWE PLVHE00 PLVHE03 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, 500 Minimum 10,000 mt NA CFR Rotterdam, Delivered in 52-90 Letter of Credit, USD/MT
ddpm maximum fluidity, 65% vitrinite Netherlands days payable at sight
Hard coking coal Platts Premium Low Vol assessment is based on FOB
Hard Coking Coal (Premium Low Vol) FOB China Netback
Australia export inputs, provided that these meet Platts’
(PLVHD00)
editorial standards. Delivered indications, netted back to a
Hard Coking Coal (Peak Downs Region) FOB Australia
FOB Australia basis, may be considered to test against FOB Platts launched on April 1, 2016, daily spot Hard Coking Coal
(HCCGA00)
indications, provided that these inputs reflect sufficient price (Premium Low Vol) price assessments basis FOB China Netback.
Platts launched on August 23, 2010, daily spot Hard Coking Coal consistency and repeatability for multiple destinations. The
(Peak Downs Region) price assessments basis FOB Australia. Platts freight assessment used for the back-calculation of Price assessment: The freight netback value is calculated by
delivered price indications will depend on freight market taking the HCC Premium Low Vol CFR China assessment (code:
Price Assessment: Platts publishes the transactable value for Hard dynamics. PLVHC00), less the Platts daily Panamax spot freight rate from
Coking Coal Peak Downs® indicating the assessed price at which Hay Point, Australia, to Qingdao, China (code: CDBFA00).
a cargo could be traded on FOB Australia basis at the close of the
Premium Low Vol, Peak Downs Region, HCC 64 Mid Vol
assessment period on the day of publishing. Assessed values are
CFR China (PLVHC00, HCCGC00, HCCCH00) Hard Coking Coal (Peak Downs Region) FOB China
based on normalizing the values of a range of hard coking coals with
Netback (HCCGD00)
similar properties. Platts launched on March 15, 2010, daily spot Hard Coking
Coal (HCC 64 Mid Vol) price assessments basis CFR China. Platts launched on April 1, 2016, daily spot Hard Coking Coal
Platts Peak Downs Region assessment is based on FOB Australia Platts launched on August 23, 2010, daily spot Hard Coking (Premium Low Vol) price assessments basis FOB China Netback.
export inputs, provided that these meet Platts’ editorial standards. Coal (Peak Downs Region) price assessments basis CFR China.
Delivered indications, netted back to a FOB Australia basis, may Platts launched on October 1, 2010, daily spot Hard Coking Coal Price assessment: The freight netback value is calculated by
be considered to test against FOB indications, provided that these (Premium Low Vol) price assessments basis CFR China. taking the HCC Peak Downs Region CFR China assessment
inputs reflect sufficient price consistency and repeatability for (code: HCCGA00), less the Platts daily Panamax spot freight rate
multiple destinations. The Platts freight assessment used for the Price Assessment: Platts publishes a single assessed price from Hay Point, Australia, to Qingdao, China (code: CDBFA00).
back-calculation of delivered price indications will depend on for each of three different quality grades: Hard Coking Coal
freight market dynamics. (HCC 64 Mid Vol), Hard Coking Coal (Premium Low Vol) and
Premium Low Vol, Peak Downs Region, HCC 64 Mid Vol
Hard Coking Coal (Peak Downs Region), indicating the price
CFR India (PLVHI00, HCCGI00, HCCIN00)
at which cargoes could be traded on a CFR China basis at
Hard Coking Coal (Premium Low Vol) FOB Australia
the close of the assessment period on the day of publishing. Platts launched on July 5, 2010, daily spot Hard Coking Coal
(PLVHA00)
These assessed values are based on confirmed spot cargo (HCC 64 Mid Vol) price assessments basis CFR India. Platts
Platts launched on October 1, 2010, daily spot Hard Coking Coal transactions, firm bids/offers, or in the absence of liquidity, launched on August 23, 2010, daily spot Hard Coking Coal
(Premium Low Vol) price assessments basis FOB Australia. where spot transactions would have been concluded for the (Peak Downs Region) price assessments basis CFR India. Platts
benchmark grade. launched on October 1, 2010, daily spot Hard Coking Coal
Price Assessment: Platts publishes the transactable value (Premium Low Vol) price assessments basis CFR India.
for Hard Coking Coal (Premium Low Vol), indicating the price The price symbol TS01044 is generated as the same numerical
at which a cargo could be traded on FOB Australia basis at value as the price assessment HCCGC00 following the merger Price Assessment: Platts publishes a single assessed price for
the close of the assessment period on the day of publishing. of the TSI and Platts metallurgical coal price series. each of three different quality grades: Hard Coking Coal (HCC
Assessed values are based on confirmed spot transactions, 64 Mid Vol), Hard Coking Coal (Premium Low Vol) and Hard
firm bids / offers of premium hard coking coals normalized to The price symbol TS01045 is generated as the same numerical Coking Coal (Peak Downs Region), indicating the price at which
the exact Premium Low Vol specification; or in the absence of value as the price assessment HCCCH00 following the merger cargoes could be traded on a CFR India basis at the close of the
liquidity, where spot transactions would have been concluded for of the TSI and Platts metallurgical coal price series. assessment period on the day of publishing. These assessed
the benchmark grade. values are based on confirmed spot cargo transactions, firm bids/
offers, or in the absence of liquidity, where spot transactions daily Panamax spot freight rates between Hay Point port in Price Assessment: Platts publishes the transactable value
would have been concluded for the benchmark grade. East Australia and Qingdao port in North China, and from Hay for US High Vol A Coking Coal (US HV A HCC), indicating the
Point port in East Australia to Paradip port in East India. price at which a spot cargo could be traded on a FOB US
Spot prices bid/offered or traded on FOB basis may be netted East Coast basis at the close of the assessment period on
forward to CFR India basis using assessed spot freight rates The price symbol TS01035 is generated as the same numerical the day of publishing. These assessed values are based on
for dry bulk carriers on the day of assessment, for comparison value as the price assessment HCCAU00 following the merger confirmed spot transactions, firm bids / offers, or in the
with spot prices basis CFR India. For net-forward calculations of the TSI and Platts metallurgical coal price series. absence of liquidity, where spot transactions would have
from FOB origins, differing Capesize, Panamax or Handymax been concluded for the benchmark grade.
freight rates are taken into consideration. Platts publishes daily
Low Vol Hard Coking Coal FOB United States East Coast
Panamax spot freight rates between Hay Point port in East Spot price bids/offers or trades in key consumer markets basis
(AAWWR00)
Australia and Paradip port in East India. CFR Europe, Brazil, China, India or Japan/Korea/Taiwan may be
Platts launched on August 1, 2012, daily spot US Low Vol Hard netted back to FOB US East Coast basis using assessed spot
Assessments also take into consideration daily Asia-Pacific price Coking Coal price assessments basis FOB US East Coast. freight rates for dry bulk carriers on the day of assessment, for
movements in associated commodity markets: thermal coal (FOB comparison with spot prices basis FOB US East Coast .
Indonesia and FOB Richard’s Bay, South Africa), coke (FOB China), Price Assessment: Platts publishes the transactable value for US
iron ore (benchmark IODEX 62% Fe basis CFR Qingdao, China) Low Vol Hard Coking Coal (US LV HCC), indicating the price at which For netback calculations from CFR destinations, differing
and steel (domestic Indian and global steel price benchmarks) as a spot cargo could be traded on a FOB US Atlantic Coast basis at Capesize, Panamax and Handymax freight rates are taken into
published by Platts. the close of the assessment period on the day of publishing. These consideration.
assessed values are based on confirmed spot transactions, firm
bids / offers, or in the absence of liquidity, where spot transactions
Hard Coking Coal (HCC 64 mid vol) FOB Australia High Vol B Hard Coking Coal FOB United States East
would have been concluded for the benchmark grade.
(HCCAU00) Coast (AAWWT00)
Platts launched on March 15, 2010, daily spot Hard Coking Coal Spot price bids/offers or trades in key consumer markets basis Platts launched on August 1, 2012, daily spot US High Vol B
(HCC 64 Mid Vol) price assessments basis FOB Australia. CFR Europe, Brazil, China, India or Japan/Korea/Taiwan may be Coking Coal price assessments basis FOB US East Coast.
netted back to FOB US East Coast basis using assessed spot
Price Assessment: Platts publishes the transactable value for freight rates for dry bulk carriers on the day of assessment, for Price Assessment: Platts publishes the transactable value
Hard Coking Coal (HCC 64 Mid Vol), indicating the price at which comparison with spot prices basis FOB US East Coast. for US High Vol B Coking Coal Hard Coking Coal (US HV B
a cargo could be traded on FOB Australia basis at the close of HCC), indicating the price at which a spot cargo could be
the assessment period on the day of publishing. These assessed For netback calculations from CFR destinations, differing traded on a FOB US East Coast basis at the close of the
values are based on confirmed spot transactions, firm bids / Capesize, Panamax and Handymax freight rates are taken into assessment period on the day of publishing. These assessed
offers, or in the absence of liquidity, where spot transactions consideration. Platts assessments also take into account Hard values are based on confirmed spot transactions, firm bids /
would have been concluded for the benchmark grade. Coking Coal demand/supply fundamentals in the US, Australia offers, or in the absence of liquidity, where spot transactions
and key consumer markets. would have been concluded for the benchmark grade.
When deals, bids/offers are observed to be illiquid,
inconsistent and non-repeatable, spot price bids/offers or Spot price bids/offers or trades in key consumer markets basis
High Vol A Hard Coking Coal FOB United States East
trades in key consumer markets basis CFR China, India, CFR Europe, Brazil, China, India or Japan/Korea/Taiwan may be
Coast (AAWWS00)
Europe, Japan or South Korea Taiwan may be netted back to netted back to FOB US East Coast basis using assessed spot
FOB Australia basis using assessed Panamax spot freight rates Platts launched on August 1, 2012, daily spot US High Vol A freight rates for dry bulk carriers on the day of assessment, for
for dry bulk carriers on the day of assessment. Platts publishes Coking Coal price assessments basis FOB US East Coast. comparison with spot prices basis FOB US East Coast.
For netback calculations from CFR destinations, differing reflects the value of both Chinese domestic and imported parcel could be traded at the close of the assessment period on
Capesize, Panamax and Handymax freight rates are taken into coking coal sold for prompt and typical delivery In North the day of publishing, for prompt delivery, normalized to HCC 64
consideration. China and at North Chinese ports in Yuan per metric ton Mid Vol specifications. Assessed values are based on confirmed
inclusive of VAT. spot transactions, firm bids / offers of premium coking coals
normalized to the published specification; or in the absence of
Premium Low Vol ex-stock Jingtang, North China
Platts will monitor inland spot trade flowing from mines liquidity, where spot transactions would have been concluded for
(AAWZN00)
directly to end-users without going through ports for pricing the benchmark grade. The assessment reflect the value of both
Platts launched on December 3, 2012, weekly spot Premium Low consistency, including for domestic Chinese coal, Mongolian
Vol assessments basis ex-stock Jingtang, North China. and Russian material. Platts will also monitor prices of Chinese domestic and imported coking coal sold for prompt and
seaborne metallurgical coal for pricing consistency. typical delivery In North China and at North Chinese ports in
Price Assessment: Platts publishes the transactable Yuan per metric ton inclusive of VAT.
value for Premium Low Vol hard coking coal, reflecting
HCC 64 mid vol ex-stock Jingtang, North China
the price at which a parcel could be traded at the close Platts will monitor inland spot trade flowing from mines
(AAWZP00)
of the assessment period on the day of publishing, for directly to end-users without going through ports for pricing
prompt delivery. Assessed values are based on confirmed Platts launched on December 3, 2012, weekly spot HCC 64 Mid consistency, including for domestic Chinese coal, Mongolian and
spot transactions, firm bids / offers of premium coking Vol assessments basis ex-stock Jingtang, North China. Russian material. Platts will also monitor prices of seaborne
coals normalized to the published specification; or in the metallurgical coal for pricing consistency.
absence of liquidity, where spot transactions would have Price Assessment: Platts publishes the transactable value for
been concluded for the benchmark grade. The assessment standard-quality hard coking coal, reflecting the price at which a
Penalties & Premia

Assessment CODE Mavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
Penalties & Premia CSR per 1% as % PLV FOB Australia CPCSA00 Penalty premia applied for CSR 10,000 mt minimum NA FOB Hay Point, Australia UNS/PCT
Penalties & Premia CSR per 1% PLV $/Mt CPCSP00 Penalty premia applied for 60-71% CSR 10,000 mt minimum NA FOB Hay Point, Australia USD/MT
Penalties & Premia VM per 1% as % PLV FOB Australia CPVPA00 Penalty premia applied for VM 10,000 mt minimum NA FOB Hay Point, Australia UNS/PCT
Penalties & Premia VM per 1% PLV $/Mt CPVMP00 Penalty premia applied for 18-27% VM 10,000 mt minimum NA FOB Hay Point, Australia USD/MT
Penalties & Premia TM per 1% as % PLV FOB Australia CPTPA00 Penalty premia applied for TM 10,000 mt minimum NA FOB Hay Point, Australia UNS/PCT
Penalties & Premia TM per 1% PLV $/Mt CPTMP00 Penalty premia applied for 8-11% TM 10,000 mt minimum NA FOB Hay Point, Australia USD/MT
Penalties & Premia Ash per 1% as % PLV FOB Australia CPAPA00 Penalty premia applied for Ash 10,000 mt minimum NA FOB Hay Point, Australia UNS/PCT
Penalties & Premia Ash per 1% PLV $/Mt CPPAP00 Penalty premia applied for 7-10.5% Ash 10,000 mt minimum NA FOB Hay Point, Australia USD/MT
Penalties & Premia S per 0.1% PLV $/Mt FOB Australia CPSPA00 Penalty premia applied for S 10,000 mt minimum NA FOB Hay Point, Australia UNS/PCT
Penalties & Premia S per 0.1% PLV $/Mt CPSPV00 Penalty premia applied for 0.3-1% S 10,000 mt minimum NA FOB Hay Point, Australia USD/MT
Penalties & Premia CSR (1) per 1% as % US LV FOB USEC CPPBA00 Penalty premia applied for CSR 10,000 mt minimum NA FOB Hampton Roads, US UNS/PCT
Penalties & Premia CSR (1) per 1% US LV FOB USEC $/mt CPPBB00 CBBBB03 Penalty premia applied for 50-64% CSR 10,000 mt minimum NA FOB Hampton Roads, US USD/MT
Penalties & Premia CSR (2) per 1% as % US LV FOB USEC CPPBC00 Penalty premia applied for CSR 10,000 mt minimum NA FOB Hampton Roads, US UNS/PCT
Penalties & Premia CSR (2) per 1% US LV FOB USEC $/mt CPPBD00 CPPBD03 Penalty premia applied for 40-49% CSR 10,000 mt minimum NA FOB Hampton Roads, US USD/MT
Penalties & Premia S (1) per 0.1% as % US LV FOB USEC CPPBE00 Penalty premia applied for S 10,000 mt minimum NA FOB Hampton Roads, US UNS/PCT
Penalties & Premia S (1) per 0.1% US LV FOB USEC $/mt CPPBF00 CPPBF03 Penalty premia applied for 0.7-1.05% S 10,000 mt minimum NA FOB Hampton Roads, US USD/MT
Penalties & Premia S (2) per 0.1% as % US LV FOB USEC CPPBG00 Penalty premia applied for S 10,000 mt minimum NA FOB Hampton Roads, US UNS/PCT
Penalties & Premia S (2) per 0.1% US LV FOB USEC $/Mt CPPBH00 CPPBH03 Penalty premia applied for 1.06-1.25% S 10,000 mt minimum NA FOB Hampton Roads, US USD/MT
Penalties & Premia TM per 1% as % US LV FOB USEC CPPBK00 Penalty premia applied for TM 10,000 mt minimum NA FOB Hampton Roads, US UNS/PCT
Penalties & Premia TM per 1% US FOB USEC LV $/mt CPPBL00 CPPBL03 Penalty premia applied for 6-11% TM 10,000 mt minimum NA FOB Hampton Roads, US USD/MT
Penalties & Premia Ash per 1% as % US LV FOB USEC CPPBI00 Penalty premia applied for Ash 10,000 mt minimum NA FOB Hampton Roads, US UNS/PCT
Penalties & Premia Ash per 1% US LV FOB USEC $/mt CPPBJ00 CPPBJ03 Penalty premia applied for 5-10% Ash 10,000 mt minimum NA FOB Hampton Roads, US USD/MT
PCI Coal
Low Vol PCI FOB Australia MCLVA00 MCLVA03 13% VM, 8.5% ash, 0.55% sulfur, 7,800 kcal/kg (GAD), 78 HGI, 10% TM, Minimum 10,000 mt NA FOB Hay Point, Loading in 7-45 days Letter of Credit, payable USD/MT
$/Mt 90.5% total carbon (DAF) Australia at sight
Low Vol PCI CFR China $/Mt MCLVC00 MCLVC03 13% VM, 8.5% ash, 0.55% sulfur, 7,800 kcal/kg (GAD), 78 HGI, 10% TM, Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 Letter of Credit, payable USD/MT
90.5% total carbon (DAF) days at sight
Low Vol PCI CFR India $/Mt MCLVI00 MCLVI03 13% VM, 8.5% ash, 0.55% sulfur, 7,800 kcal/kg (GAD), 78 HGI, 10% TM, Minimum 10,000 mt NA CFR Paradip, India Delivered in 22-65 Letter of Credit, payable USD/MT
90.5% total carbon (DAF) days at sight
Mid Tier PCI FOB Australia MCLAA00 MCLAA03 15% VM, 12% ash, 0.55% sulfur, 80 HGI, 10% TM, 1 CSN Minimum 10,000 mt NA FOB Hay Point, Loading in 7-45 days Letter of Credit, payable USD/MT
$/Mt Australia at sight
Mid Tier PCI CFR China $/Mt MCLAC00 MCLAC03 15% VM, 12% ash, 0.55% sulfur, 80 HGI, 10% TM, 1 CSN Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 Letter of Credit, payable USD/MT
days at sight
Mid Tier PCI CFR India $/Mt MCVAI00 MCVAI03 15% VM, 12% ash, 0.55% sulfur, 80 HGI, 10% TM, 1 CSN Minimum 10,000 mt NA CFR Paradip, India Delivered in 22-65 Letter of Credit, payable USD/MT
days at sight
PCI Coal When deals, bids/offers are observed to be illiquid, inconsistent

Low Vol PCI CFR India (MCLVI00)
and non-repeatable, spot price bids/offers or trades in key
consumer markets basis CFR China, India, Europe, Japan or Platts launched on October 3, 2011, daily spot Low Vol PCI
Low Vol PCI FOB Australia (MCLVA00)
South Korea Taiwan may be netted back to FOB Australia basis (Pulverized Coal Injection) price assessments basis CFR India.
Platts launched on October 3, 2011, daily spot Low Vol PCI using assessed Panamax spot freight rates for dry bulk carriers
(Pulverized Coal Injection) price assessments basis FOB on the day of assessment. Platts publishes daily Panamax Price Assessment: Platts publishes the transactable value
Australia. spot freight rates between Hay Point port in East Australia and for Low Vol PCI , indicating the price at which a cargo could
Qingdao port in North China, and from Hay Point port in East be traded at the close of the assessment period on the day
Price Assessment: Platts publishes the transactable value for Australia to Paradip port in East India. of publishing. Assessed values are based on confirmed spot
Low Vol PCI, indicating the price at which a cargo could be traded transactions, firm bids / offers of PCI normalized to the
at the close of the assessment period on the day of publishing. published specification; or in the absence of liquidity, where spot
Low Vol PCI CFR China (MCLVC00)
Assessed values are based on confirmed spot transactions, firm transactions would have been concluded for the benchmark
bids / offers of PCI normalized to the published specification; or Platts launched on October 3, 2011, daily spot Low Vol PCI grade.
in the absence of liquidity, where spot transactions would have (Pulverized Coal Injection) price assessments basis, CFR China
been concluded for the benchmark grade. Platts also considers
Mid Tier PCI FOB Australia (MCLAA00)
on normalized basis, bids / offers or trades of comparable PCI Price Assessment: Platts publishes the transactable value
traded FOB Canada, FOB Russia, FOB Indonesia or FOB China. for Low Vol PCI , indicating the price at which a cargo could Platts launched on October 3, 2011, daily spot Low Vol 12%
be traded at the close of the assessment period on the day Ash PCI (Pulverized Coal Injection) price assessments basis
Platts will also monitor the opportunity cost of high quality of publishing. Assessed values are based on confirmed spot FOB Australia CFR China and CFR India. On April 2015, it was
Australian PCI. Opportunity cost may be derived by observing transactions, firm bids / offers of PCI normalized to the renamed to Mid Tier PCI.
spot trades of run-of-mine material and of by-product thermal published specification; or in the absence of liquidity, where spot
coal. transactions would have been concluded for the benchmark Price Assessment: Platts publishes the transactable value for
grade. Mid Tier PCI , indicating the price at which a cargo could be traded
at the close of the assessment period on the day of publishing.

Mid Tier PCI CFR China (MCLAC00) Mid Tier PCI CFR India (MCVAI00)
Assessed values are based on confirmed spot transactions, firm
bids / offers of PCI normalized to the published specification; or Platts launched on October 3, 2011, daily spot Low Vol 12% Ash Platts launched on October 3, 2011, daily spot Low Vol 12% Ash
in the absence of liquidity, where spot transactions would have PCI (Pulverized Coal Injection) price assessments basis CFR PCI (Pulverized Coal Injection) price assessments CFR India. On
been concluded for the benchmark grade. Platts also considers China. On April 2015, it was renamed Mid Tier PCI. April 2015, it was renamed Mid Tier PCI.
on normalized basis, bids / offers or trades of comparable PCI
traded FOB Canada, FOB Russia, FOB Indonesia or FOB China. Price Assessment: Platts publishes the transactable value Price Assessment: Platts publishes the transactable value
for Mid Tier PCI , indicating the price at which a cargo could for Mid Tier PCI , indicating the price at which a cargo could
Platts will also monitor the opportunity cost of PCI, as a guideline be traded at the close of the assessment period on the day be traded at the close of the assessment period on the day
for its assessments of spot market value. Opportunity cost may of publishing. Assessed values are based on confirmed of publishing. Assessed values are based on confirmed
be derived by observing spot trades of run-of-mine material and spot transactions, firm bids / offers of PCI normalized to spot transactions, firm bids / offers of PCI normalized to
of by-product thermal coal. When deals, bids/offers are observed the published specification; or in the absence of liquidity, the published specification; or in the absence of liquidity,
to be illiquid, inconsistent and non-repeatable, spot price bids/ where spot transactions would have been concluded for the where spot transactions would have been concluded for the
offers or trades in key consumer markets basis CFR China, India, benchmark grade. benchmark grade.
Europe, Japan or South Korea Taiwan may be netted back to
FOB Australia basis using assessed Panamax spot freight rates Platts will also monitor the opportunity cost of PCI, as a Platts will also monitor the opportunity cost of PCI, as a
for dry bulk carriers on the day of assessment. Platts publishes guideline for its assessments of spot market value. Opportunity guideline for its assessments of spot market value. Opportunity
daily Panamax spot freight rates between Hay Point port in East cost may be derived by observing spot trades of run-of-mine cost may be derived by observing spot trades of run-of-mine
Australia and Qingdao port in North China, and from Hay Point material and of by-product thermal coal. material and of by-product thermal coal.
port in East Australia to Paradip port in East India.
Metallurgical coal relativities

Assessment CODE Mavg Wavg Qavg QUALITY* QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
Daily Brand Relativities

Carborough Downs MCBAO00 MCBAO03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
German Creek MCBAC00 MCBAC03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Goonyella C MCBAI00 MCBAI00 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Goonyella MCBAE00 MCBAE03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Hail Creek MCBAF00 MCBAF03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Illawarra MCBAH00 MCBAH03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Lake Vermont MCBAN00 MCBAN03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Mavis Downs MCBAM00 MCBAM03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Middlemount Coking MCBAP00 MCBAP03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Moranbah North MCBAG00 MCBAG03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Oaky Creek MCBAD00 MCBAD03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Peak Downs MCBAA00 MCBAA03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Peak Downs North MCBAJ00 MCBAJ03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Poitrel Semi Hard MCBAQ00 MCBAQ03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Premium MCBAL00 MCBAL03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Saraji MCBAB00 MCBAB03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
Standard MCBAK00 MCBAK03 as per typical specifications Minimum 10,000 mt NA CFR Qingdao, China Delivered in 20-65 days Letter of Credit, payable USD/MT
at sight
*brand specifications available upon request
Metallurgical coal relativities

Assessment CODE Mavg Wavg Qavg QUALITY* QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
Weekly Brand Relativities

Oak Grove MCAPA04 MCAPA03 as per typical specifications Minimum 10,000 mt FOB USEC Loading in 14-45 days Letter of Credit, payable USD/MT
at sight
Blue Creek No. 7 MCAPB04 MCAPB03 as per typical specifications Minimum 10,000 mt FOB USEC Loading in 14-45 days Letter of Credit, payable USD/MT
at sight
Blue Creek No. 4 MCAPC04 MCAPC03 as per typical specifications Minimum 10,000 mt FOB USEC Loading in 14-45 days Letter of Credit, payable USD/MT
at sight
Beckley MCAPD04 MCAPD03 as per typical specifications Minimum 10,000 mt FOB USEC Loading in 14-45 days Letter of Credit, payable USD/MT
at sight
Windber MCAPE04 MCAPE03 as per typical specifications Minimum 10,000 mt FOB USEC Loading in 14-45 days Letter of Credit, payable USD/MT
at sight
Buchanan MCAPF04 MCAPF03 as per typical specifications Minimum 10,000 mt FOB USEC Loading in 14-45 days Letter of Credit, payable USD/MT
at sight
*brand specifications available upon request
Platts Metallurgical Coal Relativities non-linear adjustments for phosphorus, maximum fluidity and of each month, rather than an average of relativities through the
vitrinite percentage. month.
Platts launched on December 14, 2015 daily spot
metallurgical coal brand relativities on a CFR China basis. However, market observations have a stronger bearing on the Since the January 2014 analysis, the table represents relativities on
Between May 2013 to November 2015, this was assessed on relativities than VIU calculations, and theoretical VIU-based a CFR China basis, rather than theoretical FOB Queensland basis.
a monthly basis. relativities are recalibrated by observing spot market data Relativities discovered on a CFR China basis are directly comparable
including bids, offers and trades for specific brands, and by regardless of origin due to the fact that seaborne suppliers compete
Platts daily metallurgical coal assessments and relativities observing the tradable or traded spreads between these brands. on a delivered basis.For the US relativities assessments, the table
table provides daily price assessments for various qualities of represents relativities against the US Low Vol HCC FOB US East
coking coal including Platts benchmark grades, Premium Low The final assessed value is a combination of the observed Coast. The US relativities table is assessed on a weekly basis since
Vol and the Mid Vol marker HCC 64 Mid Vol. The price information market activity, the editorial evaluation of the coal attributes and January 2016 , on a Friday or the closest prior business day of the
provided is determined mostly from transactional data and spot the results offered by the calculations. Particular market events week in the event of a UK public holiday.
market assessments, but also where applicable from theoretical and specific circumstances may also have an influence on the
calculations using value-in-use (VIU). market for coking coal or individual grades. Platts observes and The published metallurgical coal brands values are assessed
monitors all relevant market information for consideration in its by Platts and are not affiliated with or sponsored by the brand
Platts has developed a normalization tool based on VIU data to assessments. owners. The brand specifications Platts uses are typical based
track the relative values of several coal qualities. In calculating on information gathered from various sources, including but not
a theoretical value-in-use, Platts may apply linear penalties and Platts has been publishing a monthly relativity table on a limited to; brand owners public documents, market participant
premia within a certain range for coke strength after reaction monthly basis since May 2013. Since the July 2014 analysis, the feedback and engagement. The specifications are constantly
(CSR), volatile matter, total moisture, ash and sulphur and table represents relativities at the end of the last working day monitored and updated as changes become apparent.
Semi-soft coking coal

Assessment CODE Mavg Wavg QUALITY QUANTITY DIMENSIONSLOCATION TIMING PAYMENT TERMS UOM
Semi Soft FOB Australia MCSSA00 MCSSA03 34% VM, 9.5% TM, 9.25% ash, 0.58% sulfur, 0.025% phosphorus, 53% fixed Minimum 10,000 mt NA FOB Hay Point, Australia Loading in 7-45Letter of Credit, USD/MT
$/Mt carbon, 200 ddpm maximum fluidity, 5.5 CSN days payable at sight
Semi Soft CFR China $/Mt MCSSC00 MCSSC03 34% VM, 9.5% TM, 9.25% ash, 0.58% sulfur, 0.025% phosphorus, 53% fixed Minimum 10,000 mt NA CFR Qingdao, China Delivered in Letter of Credit, USD/MT
carbon, 200 ddpm maximum fluidity, 5.5 CSN 20-65 days payable at sight
Semi Soft CFR India $/Mt MCSSI00 MCSSI03 34% VM, 9.5% TM, 9.25% ash, 0.58% sulfur, 0.025% phosphorus, 53% fixed Minimum 10,000 mt NA CFR Qingdao, China Delivered in Letter of Credit, USD/MT
carbon, 200 ddpm maximum fluidity, 5.5 CSN 22-65 days payable at sight
Semi Soft Coking Coal consumer markets basis CFR China, India, Europe, Japan or normalized to the published specification; or in the absence of
South Korea Taiwan may be netted back to FOB Australia basis liquidity, where spot transactions would have been concluded for
using assessed Panamax spot freight rates for dry bulk carriers the benchmark grade.
Semi Soft Coking Coal FOB Australia (MCSSA00)
on the day of assessment. Platts publishes daily Panamax
Platts launched on October 3, 2011, daily spot Semi Soft Coking spot freight rates between Hay Point port in East Australia and
Semi Soft Coking Coal CFR India (MCSSI00)
Coal price assessments basis FOB Australia Qingdao port in North China, and from Hay Point port in East
Australia to Paradip port in East India. Platts launched on October 3, 2011, daily spot Semi Soft Coking
Price Assessment: Platts publishes the transactable value for Coal price assessments basis CFR India.
Semi Soft Coking Coal, indicating the price at which a cargo
Semi Soft Coking Coal CFR China (MCSSC00)
could be traded at the close of the assessment period on the Price Assessment: Platts publishes the transactable value for
day of publishing. Assessed values are based on confirmed Platts launched on October 3, 2011, daily spot Semi Soft Coking Semi Soft Coking Coal, indicating the price at which a cargo
spot transactions, firm bids / offers of Semi Soft coking coals Coal price assessments basis CFR China. could be traded at the close of the assessment period on the
normalized to the published specification; or in the absence of day of publishing. Assessed values are based on confirmed
liquidity, where spot transactions would have been concluded for Price Assessment: Platts publishes the transactable value for spot transactions, firm bids / offers of Semi Soft coking coals
the benchmark grade. Semi Soft Coking Coal, indicating the price at which a cargo normalized to the published specification; or in the absence of
could be traded at the close of the assessment period on the liquidity, where spot transactions would have been concluded for
When deals, bids/offers are observed to be illiquid, inconsistent day of publishing. Assessed values are based on confirmed the benchmark grade.
and non-repeatable, spot price bids/offers or trades in key spot transactions, firm bids / offers of Semi Soft coking coals
Metallurgical Coke
Coke 12.5% Ash FOB Tianjin China $/MT AAWVL00 AAWVL03 AAWVL04 64/62% CSR, 12.5% ash, 0.65% sulfur, 82% minimum Micum 40, 8% Minimum NA FOB Tianjin, China Loading in 7-45 Letter of Credit, USD/MT
maximum Micum 10, 30-80 mm size,25-26% CRI, 5% TM 10,000 mt days payable at sight
Met Coke 66/65 CSR FOB North China $/MT MCCNC00 MCCNC03 66/65% CSR, 12.5% ash, 0.65% sulfur, 84% minimum Micum 40, 7% Minimum NA FOB Tianjin, China Loading in 7-45 Letter of Credit, USD/MT
maximum Micum 10, 30-90 mm size,25% CRI, 5% TM 10,000 mt days payable at sight
Met Coke 66/65 CSR CFR India $/MT MCCNI00 MCCNI03 66/65% CSR, 12.5% ash, 0.65% sulfur, 84% minimum Micum 40, 7% Minimum NA CFR Paradip, India Delivered in 22-65 Letter of Credit, USD/MT
maximum Micum 10, 30-90 mm size,25% CRI, 5% TM 10,000 mt days payable at sight
Met Coke 65/63 CSR FOB North China $/MT MCCHB00 MCCHB03 65/63% CSR, 12.5% ash, 0.65% sulfur, 82% minimum Micum 40, 8% Minimum NA FOB Tianjin, China Loading in 7-45 Letter of Credit, USD/MT
maximum Micum 10, 30-80 mm size, 25%-26% CRI, 5% TM 10,000 mt days payable at sight
Met Coke 65/63 CSR CFR India $/MT MCINB00 MCINB03 65/63% CSR, 12.5% ash, 0.65% sulfur, 82% minimum Micum 40, 8% Minimum NA CFR Paradip, India Delivered in 22-65 Letter of Credit, USD/MT
Met Coke 62/60 CSR FOB North China $/MT MCCHA00 MCCHA03 62/60% CSR, 12.5% ash, 0.65% sulfur, 82% minimum Micum 40, 8% Minimum NA FOB Tianjin, China Loading in 7-45 Letter of Credit, USD/MT
Met Coke 62/60 CSR CFR India $/MT MCINA00 MCINA03 62/60% CSR, 12.5% ash, 0.65% sulfur, 82% minimum Micum 40, 8% Minimum NA CFR Paradip, India Delivered in 22-65 Letter of Credit, USD/MT
Coke 12.5% Ash DDP North China Yuan/MT AAWVJ00 AAWVJ03 AAWVJ04 62% CSR, 12.5% ash, 0.65% sulfur, 82% minimum Micum 40, 8% maximum Minimum 300 NA Delivered Dispatched within Letter of Credit, 90 CNY/MT
Micum 10, 30-80 mm size,25-26% CRI, 5% TM mt Tangshan, China 30 days days after sight
Coke 12.5% Ash DDP North China $/MT AAWVK00 AAWVK03 AAWVK04 62% CSR, 12.5% ash, 0.65% sulfur, 82% minimum Micum 40, 8% maximum Minimum 300 NA Delivered Dispatched within Letter of Credit, 90 USD/MT
Micum 10, 30-80 mm size,25-26% CRI, 5% TM mt Tangshan, China 30 days days after sight
Met Coke CFR East India, $/Mt MCCEI00 MCCEI03 64/62% CSR, 12.5% ash, 0.65% sulfur, 82% minimum Micum 40, 8% Minimum NA CFR Paradip, India Delivered in 22-65 Letter of Credit, USD/MT
maximum Micum 10, 30-80 mm size,25-26% CRI, 5% TM 5,000 mt days payable at sight
Metallurgical Coke
Met Coke 66/65 CSR FOB North China (MCCNC00) Met Coke 62/60 CSR FOB North China (MCCHA00)
Platts launched on April 27 2015, daily spot Chinese Met Coke Platts launched on January 2, 2019, daily spot Chinese Met Coke
Met Coke FOB North China (AAWVL00)
export assessments for 66/65% CSR basis FOB North China. export assessments for 62/60% CSR basis FOB North China.
Platts launched on October 1, 2014, daily spot Chinese Met Coke export
price assessments basis FOB North China. Between July 5, 2012 and Price Assessment: Platts publishes the transactable value for Price Assessment: Platts publishes the transactable value for
September 31, 2014, this price was assessed on a weekly basis. Met Coke indicating the price at which a cargo could be traded Met Coke indicating the price at which a cargo could be traded
on an FOB North China basis at the close of the assessment on an FOB North China basis at the close of the assessment
Price Assessment: Platts publishes the transactable value for period on the day of publishing. Metallurgical coke with a period on the day of publishing. Metallurgical coke with a
Met Coke indicating the price at which a cargo could be traded 66%/65% CSR refers to a minimum 66% CSR guaranteed, with 62%/60% CSR refers to a minimum 62% CSR guaranteed, with
on an FOB North China basis at the close of the assessment rejection for CSR below 65%. Assessed values are based on rejection for CSR below 60%. Assessed values are based on
period on the day of publishing. Metallurgical coke with a confirmed spot transactions, firm bids / offers of metallurgical confirmed spot transactions, firm bids / offers of metallurgical
64%/62% CSR refers to a minimum 64% CSR guaranteed, with coke normalized to the published specification; or in the coke normalized to the published specification; or in the
rejection for CSR below 62%. Assessed values are based on absence of liquidity, where spot transactions would have been absence of liquidity, where spot transactions would have been
confirmed spot transactions, firm bids / offers of metallurgical concluded for the benchmark grade. concluded for the benchmark grade.
coke normalized to the published specification; or in the
absence of liquidity, where spot transactions would have been
concluded for the benchmark grade.
66/65% CSR metallurgical coke assessment.

Met Coke 65/63 CSR FOB North China (MCCHB00) Met Coke CFR East India (MCCEI00)
Platts launched on January 2, 2019, daily spot Chinese Met Coke Platts launched on August 1, 2011, daily spot Met Coke price
Met Coke 62/60 CSR CFR India (MCINA00)
export assessments for 65/63% CSR basis FOB North China. assessments basis CFR East India.
Platts launched on January 2, 2019, daily spot Met Coke export
Price Assessment: Platts publishes the transactable value for Price Assessment: Platts publishes the transactable value for assessments for 62/60% CSR basis CFR India.
Met Coke indicating the price at which a cargo could be traded Met Coke indicating the price at which a cargo could be traded on
on an FOB North China basis at the close of the assessment CFR East India basis at the close of the assessment period on the Price Assessment: Platts publishes the transactable value for
period on the day of publishing. Metallurgical coke with a day of publishing. Metallurgical coke with a 64%/62% CSR refers Met Coke indicating the price at which a cargo could be traded
65%/63% CSR refers to a minimum 65% CSR guaranteed, with to a minimum 64% CSR guaranteed, with rejection for CSR below on a CFR India basis at the close of the assessment period on the
rejection for CSR below 63%. Assessed values are based on 62%. Assessed values are based on confirmed spot transactions, day of publishing. Metallurgical coke with a 62%/60% CSR refers
confirmed spot transactions, firm bids / offers of metallurgical firm bids / offers of metallurgical coke normalized to the to a minimum 62% CSR guaranteed, with rejection for CSR below
coke normalized to the published specification; or in the published specification; or in the absence of liquidity, where spot 60%. Assessed values are based on confirmed spot transactions,
absence of liquidity, where spot transactions would have been transactions would have been concluded for the benchmark grade. firm bids / offers of metallurgical coke normalized to the
concluded for the benchmark grade. published specification; or in the absence of liquidity, where spot
transactions would have been concluded for the benchmark grade.
Met Coke 66/65 CSR CFR India (MCCNI00)
Met Coke DDP North China (AAWVK00)
Platts launched on March 1, 2018, daily spot Met Coke price
Met Coke 65/63 CSR CFR India (MCINB00)
Platts launched on July 5, 2012, weekly spot domestic Chinese assessments basis CFR India.
Met Coke price assessments basis DDP North China Platts launched on January 2, 2019, daily spot Met Coke export
Price Assessment: Platts publishes the transactable value assessments for 65/63% CSR basis CFR India.
Price Assessment: Platts publishes the transactable value for for Met Coke indicating the price at which a cargo could be
Met Coke indicating the price at which a cargo could be traded traded on CFR India basis, normalized to CFR Paradip, at Price Assessment: Platts publishes the transactable value for
on a DDP North China basis at the close of the assessment the close of the assessment period on the day of publishing. Met Coke indicating the price at which a cargo could be traded
period on the day of publishing. Assessed values are based on Metallurgical coke with a 66%/65% CSR refers to a minimum on a CFR India basis at the close of the assessment period
confirmed spot transactions, firm bids / offers of metallurgical 66% CSR guaranteed, with rejection for CSR below 65%. on the day of publishing. Metallurgical coke with a 65%/63%
coke normalized to the published specification; or in the Assessed values are based on confirmed spot transactions, CSR refers to a minimum 65% CSR guaranteed, with rejection
absence of liquidity, where spot transactions would have been firm bids / offers of metallurgical coke normalized to the for CSR below 63%. Assessed values are based on confirmed
concluded for the benchmark grade. published specification; or in the absence of liquidity, spot transactions, firm bids / offers of metallurgical coke
where spot transactions would have been concluded for normalized to the published specification; or in the absence of
the benchmark grade. In the absence of conflicting data, liquidity, where spot transactions would have been concluded
the assessment is a freight net forward of Platts FOB China for the benchmark grade.
Swaps
TSI Premium Hard Coking Coal FOB Australia MCPLM01 MCPLM13 Basis TSI PHCC FOB Australia index NA NA NA First month after month of prevailing index NA USD/MT
swap $/Mt Mo01 date
TSI Premium Hard Coking Coal FOB Australia MCPLM02 MCPLM23 Basis TSI PHCC FOB Australia index NA NA NA Second month after month of prevailing index NA USD/MT
swap $/Mt Mo02 date
TSI Premium Hard Coking Coal FOB Australia MCPLM03 MCPLM33 Basis TSI PHCC FOB Australia index NA NA NA Third month after month of prevailing index NA USD/MT
swap $/Mt Mo03 date
TSI Premium Hard Coking Coal FOB Australia MCPLQ01 MCPLQ13 Basis TSI PHCC FOB Australia index NA NA NA First quarter after month of prevailing index NA USD/MT
swap $/Mt Qr01 date
TSI Premium Hard Coking Coal FOB Australia MCPLQ02 MCPLQ23 Basis TSI PHCC FOB Australia index NA NA NA Second quarter after month of prevailing index NA USD/MT
swap $/Mt Qr02 date
TSI Premium Hard Coking Coal FOB Australia MCPLQ03 MCPLQ33 Basis TSI PHCC FOB Australia index NA NA NA Third quarter after month of prevailing index NA USD/MT
swap $/Mt Qr03 date
TSI Premium Hard Coking Coal FOB Australia MCPLY01 MCPLY13 Basis TSI PHCC FOB Australia index NA NA NA First calendar year month after month of NA USD/MT
swaps $/mt Yr01 prevailing index date
Swaps (TS01034), as published on each day during the month of trade will be November 2014, M2 will be December 2014, M3 will be
(e.g. November). Platts publishes swaps assessments for three January 2015, while the first published quarterly swap will be
months ahead, called month one (M1), second month (M2) and Q1 2015. On November 1, the M1 coking coal swap will roll to
Platts Coking Coal Forward Curve
third month (M3). Platts also publishes assessments for the December, M2 will roll to January, M3 will roll to February and
Platts publishes daily assessments for monthly, quarterly next three calendar quarterly swaps, and for the next calendar the quarterly swap will still be Q1 2015.
and next calendar year TSI PHCC swaps. These financial year. Monthly assessments will be rolled on the first day of the
instruments are traded fixed price or in intermonth spreads. month. Platts may consider extending the forward curve to include
Swaps are derivatives which settle off the average value of further tenors, as and when market liquidity in these
the underlying physical price TSI index for PHCC FOB Australia For example, during October 2014 the M1 coking coal swap instruments develops.
PCC Met (China domestic prices)

PCC Met Shanxi Premium Low Vol Ex- PCCMA04 PCCMA03 68% CSR, 16.9% VM (ad), 9.3% ash (ad), 8% TM (ar), 0.6% sulfur (ad), 85 Minimum NA Ex-washing plant Lvliang, Loading in Letter of Credit, 180 CNY/MT
washing plant Yuan/mt Wkly G-value 1,000 mt Shanxi, China 3-30 days days after sight
PCC Met Shanxi Premium Low Vol Free- PCCMB04 PCCMB03 68% CSR, 16.9% VM (ad), 9.3% ash (ad), 8% TM (ar), 0.6% sulfur (ad), 85 Minimum NA Free-on-rail Lvliang, Shanxi, Loading in Letter of Credit, 180 CNY/MT
on-Rail Yuan/mt Wkly G-value 1,000 mt China 3-30 days days after sight
PCC Met Shanxi Premium Low Vol DDP PCCMC04 PCCMC03 68% CSR, 16.9% VM (ad), 9.3% ash (ad), 8% TM (ar), 0.6% sulfur (ad), 85 Minimum NA DDP Tangshan, China Loading in Letter of Credit, 180 CNY/MT
Tangshan Yuan/mt Wkly G-value 1,000 mt 3-30 days days after sight
PCC Met Shanxi High Sulfur Premium PCCMD04 PCCMD03 68% CSR, 19.5% VM (ad), 10.8% ash (ad), 8% TM (ar), 1.6% sulfur (ad), 85 Minimum NA Ex-washing plant Lvliang, Loading in Letter of Credit, 180 CNY/MT
Low Vol Ex-washing plant Yuan/mt Wkly G-value 1,000 mt Shanxi, China 3-30 days days after sight
PCC Met Shanxi High Sulfur Premium PCCME04 PCCME03 68% CSR, 19.5% VM (ad), 10.8% ash (ad), 8% TM (ar), 1.6% sulfur (ad), 85 Minimum NA Free-on-rail Lvliang, Shanxi, Loading in Letter of Credit, 180 CNY/MT
Low Vol Free-on-Rail Yuan/mt Wkly G-value 1,000 mt China 3-30 days days after sight
PCC Met Shanxi High Sulfur Premium PCCMF04 PCCMF03 68% CSR, 19.5% VM (ad), 10.8% ash (ad), 8% TM (ar), 1.6% sulfur (ad), 85 Minimum NA DDP Tangshan, China Loading in Letter of Credit, 180 CNY/MT
Low Vol DDP Tangshan Yuan/mt Wkly G-value 1,000 mt 3-30 days days after sight
PCC Met North China Fat Coal DDP PCCMG04 PCCMG03 55% CSR, 25.4% VM (ad), 9.8% ash (ad), 8% TM (ar), 1.2% sulfur (ad), 90 Minimum NA DDP Tangshan, China Loading in Letter of Credit, 180 CNY/MT
Tangshan Yuan/mt Wkly G-value 1,000 mt 3-30 days days after sight
PCC Met Shanxi PCI Ex-washing plant PCCMH04 PCCMH03 9.3% VM (ad), 10.8% ash (ad), 8% TM (ar), 0.5% sulfur (ad) Minimum NA Ex-washing plant Changzhi, Loading in Letter of Credit, 180 CNY/MT
Yuan/mt Wkly 1,000 mt Shanxi, China 3-30 days days after sight
PCC Met Shanxi PCI Free-on-Rail Yuan/ PCCMI04 PCCMI03 9.3% VM (ad), 10.8% ash (ad), 8% TM (ar), 0.5% sulfur (ad) Minimum NA Free-on-rail Changzhi Shanxi,Loading in Letter of Credit, 180 CNY/MT
mt Wkly 1,000 mt China 3-30 days days after sight
PCC Met Shanxi PCI DDP Tangshan PCCMJ04 PCCMJ03 9.3% VM (ad), 10.8% ash (ad), 8% TM (ar), 0.5% sulfur (ad) Minimum NA DDP Tangshan, China Loading in Letter of Credit, 180 CNY/MT
Yuan/mt Wkly 1,000 mt 3-30 days days after sight
PCC Met Shandong Semi Soft Ex- PCCMK04 PCCMK03 29.6% VM (ad), 8.3% (ad), 8% TM (ar), 0.6% sulfur (ad), 70 G-value Minimum NA Ex-washing plant Jining, Loading in Letter of Credit, 180 CNY/MT
washing plant Yuan/mt Wkly 1,000 mt Shandong, China 3-30 days days after sight
PCC Met Shandong Semi Soft Free-on- PCCML04 PCCML03 29.6% VM (ad), 8.3% (ad), 8% TM (ar), 0.6% sulfur (ad), 70 G-value Minimum NA Free-on-rail Jining, Loading in Letter of Credit, 180 CNY/MT
Rail Yuan/mt Wkly 1,000 mt Shandong, China 3-30 days days after sight
PCC Met Rail Freight Shanxi - Tangshan PCCMM04 PCCMM03 NA Minimum NA Shanxi - Tangshan Loading in Letter of Credit, 180 CNY/MT
Yuan/mt Wkly 1,000 mt 3-30 days days after sight
PCC Met Truck Freight Shanxi - PCCMO04 PCCMO03 NA Minimum NA Shanxi - Tangshan Loading in Letter of Credit, 180 CNY/MT
Tangshan Yuan/mt Wkly 1,000 mt 3-30 days days after sight
PCC Met – Platts China Coal Price assessments Confirmed spot transactions and firm bids / offers, normalized and truck freight.
to the standard specification form the basis of the assessment
Platts launched the PCC Met domestic price series on August process. In the absence of verified market information, adjacent Basis and Location: PCC Met Shanxi Premium Low Vol and PCC
3 2015. It includes five weekly metallurgical coal assessments. market information may be used to determine where spot Met Shanxi High Sulfur Premium Low Vol are assessed on an
The PCC Met series follow the same assessment process as that transactions would have been concluded for the standard grade. ex-wash plant Lvliang (Shanxi), free-on-rail Lvliang (Shanxi) and
listed in Part III: Calculating indexes and making assessments. delivered, duty paid Tangshan basis in Yuan/mt.
When deals, bids/offers are observed to be illiquid, inconsistent
Price Assessments: PCC Met price assessments reflect the and non-repeatable at a specific location, spot price bids/offers or PCC Met North China Fat Coal is assessed on a delivered, duty paid
transactable value for the specification indicated at the close of the trades from other related locations may be netted back or forward Tangshan basis in Yuan/mt.
assessment period on the day of publishing, which is every Wednesday. to normalize to the specified location basis, using prevailing rail
PCC Met Shanxi PCI is assessed on an ex-wash plant Changzhi The assessments reflect the midpoint of the loading period, and assessment methodology reflects values on a market on close
(Shanxi), free-on-rail Changzhi (Shanxi) and delivered, duty paid cargoes traded with more prompt or further forward timings are basis. Trading activity, including bids/offers and transactions,
Tangshan basis in Yuan/mt. normalized to the middle of the loading period. is covered during the typical operating day with data cut off for
inclusion in the assessment at 16:30 Singapore local time.
PCC Met Shandong Semi Soft is assessed on an ex-wash plant Unit: All PCC Met assessments will be published on a Yuan/mt
Jining(Shandong) and free-on-rail Jining(Shandong) basis in Yuan/ basis including VAT. Freight routes: Two freight routes are also assessed weekly, one rail
mt. route and the other is a truck route. They are PCC Met Rail Freight
Payment terms: All PCC Met assessments include six months’ Shanxi – Tangshan, and PCC Met Truck Freight Shanxi – Tangshan.
Volume: The minimum-sized cargo considered for all PCC Met credit. They are assessed in Yuan/mt. Freight from Shanxi is normalized to
assessments is 1,000 mt. Lvliang.
Assessment Time: The PCC Met assessments reflect the
Timing: PCC Met assessments consider lots loading in 3-30 days. transactable value prevailing at 16:30 Singapore local time. The
Freight & Netbacks

Assessment CODE Mavg Wavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMSUOM
Met Coal Dry Bulk CDBUB00 CDBUB03 Panamax class: 72-77,000 dwt, 72,000-77,000 dwt Hampton Roads - Platts assesses spot market freight rates for vessels loading FOB US from 14-45 days Letter of Credit,
Freight US-Brazil $/ gearless vessels. Well approved Praia Mole forward. Close-of-market data for assessments is 4.30 pm London time, coinciding payable at sight
MT modern tonnage only, not exceeding with Platts other daily Atlantic coking coal and dry bulk freight assessments. 14 to 45
10 years of age. days forward from the date of publication.
Met Coal Dry Bulk CDBUC00 CDBUC03 Panamax class: 72-77,000 dwt, 72,000-77,000 dwt Hampton Roads - Platts assesses spot market freight rates for vessels loading FOB US from 14-45 days Letter of Credit,
Freight US-China $/ gearless vessels. Well approved Qinfdao forward. Close-of-market data for assessments is 4.30 pm London time, coinciding payable at sight
MT modern tonnage only, not exceeding with Platts other daily Atlantic coking coal and dry bulk freight assessments. 14 to 45
Met Coal Dry Bulk CDBUI00 CDBUI03 Panamax class: 72-77,000 dwt, 72,000-77,000 dwt Hampton Roads - Platts assesses spot market freight rates for vessels loading FOB US from 14-45 days Letter of Credit,
Freight US-India $/MT gearless vessels. Well approved Paradip forward. Close-of-market data for assessments is 4.30 pm London time, coinciding payable at sight
modern tonnage only, not exceeding with Platts other daily Atlantic coking coal and dry bulk freight assessments. 14 to 45
Met Coal Dry Bulk CDBUR00 CDBUR03 Panamax class: 72-77,000 dwt, 72,000-77,000 dwt Hamtpn Roads - Platts assesses spot market freight rates for vessels loading FOB US from 14-45 days Letter of Credit,
Freight US-Rotterdam gearless vessels. Well approved Rotterdam forward. Close-of-market data for assessments is 4.30 pm London time, coinciding payable at sight
$/MT modern tonnage only, not exceeding with Platts other daily Atlantic coking coal and dry bulk freight assessments. 14 to 45
Differentials
Met Coal Prem Low Vol Shanxi CFR China Equivalent Wkly PLVHJ04 PLVHJ03 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, NA NA NA NA NA USD/MT
500 ddpm maximum fluidity, 65% vitrinite
Met Coal Prem Low Vol Import-Shanxi CFR China Differential PLVHK04 PLVHK03 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, NA NA NA NA NA USD/MT
Wkly 500 ddpm maximum fluidity, 65% vitrinite
Met Coal Prem Low Vol Import-Port Stock CFR China Differential PLVHL04 PLVHL03 71% CSR, 21.5% VM, 9.7% TM, 9.3% ash, 0.5% sulfur, 0.045% phosphorus, NA NA NA NA NA USD/MT
Wkly 500 ddpm maximum fluidity, 65% vitrinite
Met Coke 62% CSR FOB North China Equivalent Wkly PLVHM04 PLVHM03 62% CSR, 12.5% ash, 0.65% sulfur, 82% minimum Micum 40, 8% maximum NA NA NA NA NA USD/MT
Micum 10, 30-80 mm size,25-26% CRI, 5% TM
Met Coke 62% CSR Export-Domestic FOB North China Differential PLVHN04 PLVHN03 62% CSR, 12.5% ash, 0.65% sulfur, 82% minimum Micum 40, 8% maximum NA NA NA NA NA USD/MT
Wkly Micum 10, 30-80 mm size,25-26% CRI, 5% TM
Platts China PLV, Met Coke Price Differentials normalized to CFR China basis, normalizing for payment terms, domestic DDP China coke assessment, normalized
additional transportation and logistics costs, exchange rate and for payment terms, logistics cost, exchange rate and
Platts launched the China PLV, Met Coke Price Differentials specifications to reach a port-equivalent value. specifications to FOB North China basis.
series on September 21-23, 2016. It includes five weekly
metallurgical coal assessments. The China PLV, Met Coke The price spread will be difference between the Premium Low The price spread, published on Fridays, will be difference
Price Differentials series series follow the same assessment Vol Shanxi CFR China equivalent price and the PLV HCC CFR between the metallurgical coke Platts FOB North China
process as that listed in Part III: Calculating indexes and making China daily price on Wednesday. (equivalent) and the daily Platts 64/62% CSR Metallurgical
assessments. Coke FOB North China assessment.
Met Coke 62% CSR Export-Domestic FOB North China

Met Coal Prem Low Vol Import-Shanxi CFR China Differential Wkly (PLVHN04) Met Coal Prem Low Vol Import-Port Stock CFR China
Differential Wkly (PLVHK04) Differential Wkly (PLVHL04)
Platts launched on September 22, 2016, a weekly price
Platts launched on September 21, 2016, a weekly price differential between the metallurgical coke Platts FOB North Platts launched on September 23, 2016, a weekly differential,
differential between the Premium Low Vol CFR China and China (equivalent) assessment and the Platts 64/62% CSR on Fridays, between the CFR Jingtang (equivalent) port stocks
the PCC Met Shanxi Premium Low Vol DDP Tangshan price Metallurgical Coke FOB North China assessment. assessment and the PLV HCC CFR China assessment. The port
assessments, basis CFR China. stock (CFR Jingtang) assessment is published on Fridays, while
The metallurgical coke Platts FOB North China (equivalent) the seaborne PLV CFR China price assessment is published daily.
Shanxi Premium Low Vol DDP Tangshan assessment is assessment would be a net-forward from the existing
Revision history October 2017: Methodology & Specifications Guide Annual August 2015: Platts launches PCC Met Chinese domestic
Review was conducted. metallurgical coal price series.
July 2019: Platts updated the guide to include the new daily met
coke 65%/63% CSR, 62%/60% CSR assessments launched on August 2017: Updates and amending unit of measurement. July 2015: Platts discontinues CCI Met Chinese domestic
January 2, 2019. metallurgical coal price series.
May 2017: Platts updates its assessment for Blue Creek No.4
June 2019: Updated High Vol A, High Vol B and Low Vol HCC US cited in the US brand relativities weekly series. April 2015: Platts launches Met Coke 66/65 CSR FOB North
East Coast price assessments’ spot loading period to 14-60 days. China daily assessments.
Platts completed an annual update to sections 1 to 6 of Platts November 2016: Methodology & Specifications Guide Annual
Methodology and Specifications Guides in April 2019, and moved Review was conducted and clarifications made April 2015: Platts adds methodology for CCI Met china domestic
these sections into a standalone Methodology Guide. metallurgical coal price assessments.
September 2016: Platts adds the China PLV, Met Coke Price
April 2019: Updated to remove Pinnacle US brand relativity after Differentials series. April 2015: Platts renames Low Vol 12 Ash PCI to Mid Tier PCI.
discontinuation.
June 2016: Platts clarifies 64/62% CSR quality for Met Coke FOB March 2015: Platts adds details on monthly met coal relativities.
November 2018: Methodology & Specifications Guide Annual North China (AAWVL00) & Met Coke CFR East India (MCCEI00).
Review was conducted and clarifications made. Removed Platts updates South 32’s Illawarra specification. February 2015: This methodology guide was updated to include
specifications for Asia-Pacific brand relativities and US HCC further description of Platts’ processes and practices in survey
brand relativities which remain available upon request. May 2016: Platts adds Premium Low Vol CFR North West Europe assessment environments.
net forward.
July 2018: Updated to reflect basis change of Platts swaps October 2014: Platts increased the frequency of its Met Coke FOB
assessments to reflect the TSI PHCC FOB Australia swaps April 2016: Platts launches Peak Downs Region and Premium North China (AAWVL00) to daily, from weekly, starting October 1,
contracts. Updated to reflect discontinuations of Oaky Creek Low Vol FOB China Netback series. Platts changes methodology 2014.
and Mavis Downs CFR China relativities, and the launch of Oaky process for Peak Downs Region and Premium Low Vol FOB
North CFR China relativity. Australia assessments. July 2014: Platts revamped all Metals Methodology and
Specification guides, including its Metallurgical Coal
June 2018: Updated to reflect merger of various TSI March, 2016: US brand relativities data updated. Methodology Guide, in July 2014. This revamp was completed
metallurgical coal indices with Platts equivalent price series. to enhance the clarity and usefulness of all guides, and to
January, 2016: US brand relativities weekly series published. introduce greater consistency of layout and structure across
May 2018: Updated to reflect change in China’s VAT rate. all published methodology guides. Methodologies for market
February 2016: Teck’s Standard and Premium specifications coverage were not changed through this revamp, unless
March 2018: Platts launches Met Coke 66/65 CSR CFR India revised. specifically noted in the methodology guide itself.
daily assessment.
December 2015: Platts launches daily metallurgical coal
February 2018: Platts updates its assessment for Blue Creek relativities.
No.7 and No. 4 cited in the US brand relativities weekly series.

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Specifications guide

Definitions of the trading locations for which Platts

Hard coking coal

Penalties & Premia

PCI Coal When deals, bids/offers are observed to be illiquid, inconsistent

at the close of the assessment period on the day of publishing.

Metallurgical coal relativities

Daily Brand Relativities

Metallurgical coal relativities

Weekly Brand Relativities

*brand specifications available upon request

Semi-soft coking coal

66/65% CSR metallurgical coke assessment.

PCC Met (China domestic prices)

Freight & Netbacks

Met Coke 62% CSR Export-Domestic FOB North China

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