Coal, Metals & Mining, Metallurgical Coal, Ferrous
May 25, 2026
Platts to update basis specifications of Low Vol, Mid Vol PCI CFR China assessments
Platts, part of S&P Global Energy, will update the basis specifications of its Low Vol and Mid Vol pulverized coal injection (PCI) CFR China assessments effective July 1 to reflect changes to trade flows, aligning quality, delivery timing, and payment terms 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 update will 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 published in 2025 was more than six times 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.
Additionally, following feedback received from market participants during the proposal, Platts has added an HGI parameter to the initially proposed quality specifications for the MV PCI CFR China assessment.
The specifications will be updated as follows:
LV PCI CFR China
| Current specifications | Specifications to be updated July 1 | |
| 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 | Specifications to be updated July 1 | |
| 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 | 70 |
| 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.
Platts first proposed to update the specifications of these assessments in a subscriber note dated April 20, available here.
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:
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