Coal, Metals & Mining, Metallurgical Coal, Ferrous
April 20, 2026
Platts proposes to update basis specifications of Low Vol, Mid Vol PCI CFR China assessments
Platts, part of S&P Global Energy, proposes to update the basis specifications of its Low Vol and Mid Vol pulverized coal injection (PCI) CFR China assessments to reflect changes to trade flows, effective July 1, to reflect quality, delivery timing and payment terms aligning with Russian material.
Platts has observed reduced deliveries in the spot market of Australian PCI into China, with trades on a CFR China basis being predominantly for Russian material.
Platts PCI assessments are not origin specific, although as Russian PCI specifications differ from those from Australia, which have formed the basis of the existing specifications of the CFR China assessments, the proposed update would align the basis specifications with what is most traded in the spot market on a CFR China basis.
Platts notes that the number of bids, offers, trades and indicative values of Russian low vol and mid vol PCI on a CFR China basis that it has published in 2025 was more than six times of what it published in 2020.
The changes to trade flows follow China's unofficial ban of Australian coal imports from October 2020 to January 2023 and the Russia-Ukraine war that started in 2022, which led certain countries to halt purchases of Russian PCI.
The proposed specifications updates are as follows:
LV PCI CFR China
| Current specifications | Proposed specifications | |
| Symbol (Monthly average) | MCLVC00(MCLVC03) | |
| VM | 13% | 14% (dry basis) |
| Ash | 8.50% | 10% (dry basis) |
| Sulphur | 0.55% | 0.50% (dry basis) |
| CV | 7,800 kcal/kg (GAD) | 7700 kcal/kg (GVC) (dry basis) |
| HGI | 78 | 75 |
| TM | 10% | 10% (as received basis) |
| Total carbon (DAF) | 90.50% | - |
| Quantity | Min 10,000 mt | Min 10,000 mt |
| Timing | Delivered 20-75 days forward | Delivered 7-60 days forward |
| Payment | L/C at sight | T/T at sight |
| Location | Qingdao | Qingdao |
| Unit of measure (UOM) | $/mt | $/mt |
MV PCI CFR China
| Current specifications | Proposed specifications | |
| Symbol (Monthly average) | MCLAC00 (MCLAC03) | |
| VM | 19% | 23% |
| Ash | 10% | 10% |
| Sulphur | 0.50% | 0.50% (as received basis) |
| CV | - | 7550 kcal/kg (GCV) |
| HGI | 78 | - |
| TM | 10% | 11% (as received basis) |
| CSN | 1 | - |
| Quantity | Min 10,000 mt | Min 10,000 mt |
| Timing | Delivered 20-75 days forward | Delivered 7-60 days forward |
| Payment | L/C at sight | T/T at sight |
| Location | Qingdao | Qingdao |
| Unit of measure (UOM) | $/mt | $/mt |
Specifications are on an air-dried basis, unless otherwise stated.
Platts will continue to consider market information relevant to other qualities of PCI and may normalize information to the above-proposed basis specification.
All other specifications will remain unchanged.
Platts LV and MV PCI CFR China assessments are published in Platts SBB Steel Markets Daily, Steel Raw Materials Monthly, Coal Trader International, in Platts Steel Alert on page 205, and in the Platts price database.
A full description of the Platts assessment methodology can be found here:
Details of the Platts metallurgical coal and coke assessments can be found in the Global Metallurgical Coal Specifications Guide:
Platts invites feedback, comments and questions on this proposal to: pl_cokingcoal@spglobal.com and pricegroup@spglobal.com by May 15, 2026.
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.