globalCOAL will introduce spot and forward markets for premium low-volatile coking coal on its online coal trading platform, starting October 9.
The new product, HCCLV, will initially allow delivery of BHP Mitsubishi Alliance (BMA) Saraji Coking Coal and Peak Downs Coking Coal on a FOB Australia basis.
HCCLV bolsters globalCOAL’s Australian origin metallurgical coal offering, which already includes successful markets in premium medium-volatile coking coal (HCCA). More than 9.1 million metric tons (mt) of physical HCCA coal have been transacted on the globalCOAL platform since the launch of the product in October 2015.
Also, a revised version of HCCA will be effective from January 6, 2020, to ensure that the Relevant Standard Specification of the product offering are aligned with market requirements, according to globalCOAL.
“Price visibility is a major issue in the coking coal market,” Philip Shawcross, head of metallurgical coal at globalCOAL, said. “Bringing the trade of premium low-vol coals on to a transparent online environment will make a significant difference to the amount of reliable pricing information available to market participants — as well as facilitate the spot trade of these coals.”
Martin Abbott, CEO of globalCOAL, added, “globalCOAL’s product portfolio already spans the world’s most liquid seaborne thermal coal hubs. Our metallurgical coal offering continues to grow, trading volumes are increasing, and we will continue to reflect the market realities with our product development.”