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Wednesday, 25 August 10
CME GROUP WILL LAUNCH NEW COAL CONTRACTS
 Press Release: CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of trading and clearing services for four new swap futures and options on swap futures contracts.
These new contracts are settled against the API 2* and API 4* indexes published in the Argus/McCloskey’s Coal Price Index Report. Trading will be available on the New York trading floor and CME ClearPort, a set of flexible clearing services open to over-the-counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes. Trading and clearing are scheduled to begin on September 12 for trade date September 13. These contracts will be listed by NYMEX and subject to the rules and regulations of NYMEX and CME.
The indexes used for clearing and settlement are compilations of prices for steam coal, which is used for the production of electrical power, and are jointly calculated and published by Argus and IHS McCloskey, part of IHS (NYSE: IHS). The API 2 index is the international price benchmark for coal imported to northwestern Europe. The API 4 index is the international price benchmark for coal exported from the Richards Bay terminal in South Africa.
“Coal, which we have listed since 2003, continues to be an essential global commodity that our customers use to meet future energy needs,” said Joe Raia, CME Group Managing Director of Energy Products and Services. “Coal processors, producers, commercials and banks who lend money to international coal operations all have price exposure, but trading in international coal still represents less than 20 percent of the total coal consumed. Swap futures on these new coal contracts, which clear as regulated futures contracts, can be used as a means to hedge their activity related to these markets in an environment in which counterparty credit risk is mitigated.”
“The API 2 and API 4 price assessments are the key benchmarks for the international coal industry and are used heavily in spot, term and derivative contracts,” said Adrian Binks, chairman and chief executive of Argus Media. “As 95 percent of the world's traded coal derivatives are settled on the API 2 and API 4 indexes, it makes sense for CME Group to develop their new trading instruments around these key prices. We wish CME Group every success with their new contracts, which will add to the portfolio of risk management services available to coal market participants."
“We are delighted that the world’s oldest, and one of the most prominent, futures and options exchanges is to list coal contracts for trading and clearing that are settled against the API 2 and API 4 indexes,” said John Howland, Publisher, IHS McCloskey. “We are confident that this will enhance liquidity in all API 2 and API 4 related markets by bringing these risk management tools to new players. IHS McCloskey was one of the first to launch international coal indexes nearly two decades ago and today the vast majority of the world's internationally traded coal derivatives use the API 2 and API 4 indexes for price settlement.”
The four new financially settled listings beginning with the October 2010 contract month include:
Coal (API 2) cif ARA (Argus/McCloskey) Swap Futures
Coal (API 2) cif ARA (Argus/McCloskey) Option
Coal (API 4) fob Richards Bay (Argus/McCloskey) Swap Futures
Coal (API 4) fob Richards Bay (Argus/McCloskey) Option
The monthly futures contracts will be 1,000 metric tons in size, with a minimum price fluctuation of $0.05 (5 cents) per metric ton. CME Group customers who trade the recently launched Dry Freight contracts will be eligible for capital efficiencies by cross margining against the coal index contracts. For more information on the contracts, please go to www.cmegroup.com/coal.
Source: Futuresmag
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Monday, 27 December 10
HUNT FOR OVERSEAS COAL ASSETS TO INTENSIFY - FINANCIAL EXPRESS
Financial Express reported that, With the Indian economy back on the track after the slowdown, merger and acquisition (M&A) activities in the re ...
Monday, 27 December 10
RIO TINTO EYES AUSTRALIAN COAL MINER - RTE NEWS
Global resources giant Rio Tinto has made a $3.9 billion bid for Australian coal miner Riversdale.
RTE News reported that, Global resources giant ...
Sunday, 26 December 10
ANGLO SELLS AUSTRALIAN COAL ASSETS - BARCELONA NEWS
Barcelona News reported that, Anglo American has sold off undeveloped Australia coal assets for $577 million.
The global resources giant ha ...
Saturday, 25 December 10
FREIGHT MARKET - LOWEST FIXTURES REPORTED SINCE MID 2009 - CAPT. REDDY
COALspot.com - We wish you a Merry Christmas and a Happy New Year 2011.
The holiday season seems to have severely affected the fr ...
Friday, 24 December 10
CIL SHORTLISTS 21 FIRMS TO IMPORT 250 MT COAL - THE HINDU
The Hindu reported that, Coal India plans to import about 250 million tonnes (mt) over the next 10 years to meet the country's growing requirement. ...
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- Altura Mining Limited, Indonesia
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- White Energy Company Limited
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- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
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- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
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- India Bulls Power Limited - India
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- Georgia Ports Authority, United States
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Tamil Nadu electricity Board
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- Anglo American - United Kingdom
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- Leighton Contractors Pty Ltd - Australia
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- Indonesian Coal Mining Association
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- Bangladesh Power Developement Board
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- The State Trading Corporation of India Ltd
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- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
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- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
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- Asmin Koalindo Tuhup - Indonesia
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- Jaiprakash Power Ventures ltd
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- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
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- Economic Council, Georgia
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- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
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- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
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- CNBM International Corporation - China
- MS Steel International - UAE
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
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- Alfred C Toepfer International GmbH - Germany
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- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
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- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
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