Platts proposes to launch daily PLV coking coal FOB US netback calculation

Platts, part of S&P Global Commodity Insights, is proposing to launch a Premium Low Vol (PLV) hard coking coal FOB US netback calculation, effective Nov. 1.

The proposed daily price would calculate the netback from Platts PLV HCC CFR India basis Paradip (PLVHI00) to the US East Coast, using Platts Met Coal Dry Bulk Freight US-India (CDBUI00).

The calculation would provide a reference for US export trade values into Asia markets, where Platts has observed growing spot trade, including an increasing market share for US coals.

The netback would be consistent with delivered pricing terms used regularly in trade to Asia.

US met coal exports to India have grown over the past few years, and India has become a leading global importer of seaborne met coal.

US coking coal exports to India accounted for 3.63 million mt in the first-half of 2023, according to US Census data.

India imported 28.4 million mt of coking coal in H1 2023, according to India Ministry of Commerce data.

The proposed specifications are consistent with the Platts Premium Low Vol HCC benchmark as follows:

The calculation would be published daily basis 4:30 pm London time.

The netback would follow the Singapore and London holiday calendars, whereby the assessment would not be published when either location is observing holidays.

Platts Atlantic Met Coal assessments are published in Steel Markets Daily, Coal Trader International, Coal Trader and can be accessed via Platts Dimensions Pro.

Platts invites feedback on this proposal by Sept. 29 to cokingcoal@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.