SUBSCRIBER NOTE: Platts clarifies The Steel Index's (TSI) normalization assumptions for metallurgical coal indications

S&P Global Platts wishes to clarify The Steel Index's (TSI) normalization assumptions for metallurgical coal indications reported from electronic trading platforms.

TSI normalizes "branded" indications (trades, bids & offers) using the typical specifications of the underlying "branded" order type for its PHCC FOB Australia index (TS01034).

TSI normalizes "unbranded" indications using the typical specifications of the coal quality most regularly nominated against this order type.

Market participants have informed TSI that the most commonly nominated brand against this order type has the following typical specifications:

VM: 22.8 Ash: 9.8 Total Moisture: 10.0% Sulfur: 0.51 RVmax: 1.24 Fluidity: 900 ddpm Free Swelling Index: 8 CSR: 68 Total Dilatation: 75 Vitrinite: 63

Were this situation to change -- either another brand becoming the most delivered coal into this order type, or unbranded material regularly being delivered -- then TSI would review its normalization assumptions accordingly.

Please submit any feedback, comments or questions to TSImetcoal@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.