HOUSTON, May 21, 2013 /PRNewswire/ -- Global energy and commodity price reporting agency Argus and business information provider IHS McCloskey Coal today announced a major expansion of their joint coal indexes.
Argus and IHS McCloskey Coal have added a new coal price to the Argus/McCloskey's Coal Price Index Report covering coal exports from Colombia. The expansion addresses demand from Colombian and Atlantic basin market participants for reliable independent benchmarks to use as price references in physical and derivative contracts. Argus and IHS McCloskey Coal already publish six indexes, which are used to settle almost 90pc of the world's internationally traded coal derivatives.
API 10 represents 6,000 kcal/kg NAR coal shipped from Colombia's Caribbean terminals, a key coal supply area for North and South American and European coal markets. The assessment specifications include minimum net calorific value of 5,750 kcal/kg, which is representative of most Colombian export coal shipments.
Argus Media chairman and chief executive Adrian Binks said: "We are pleased to provide Colombia's coal producers and consumers with this new assessment. With exports of 80mn t/yr, Colombia is a world-leading supplier and the new index reflects this crucial position in world markets."
IHS publisher John Howland said: "Colombia is now the key exporter to Europe and the Atlantic basin markets. The new API 10 index has been established in recognition of this and to provide the opportunity for market participants to trade the implied freight between API 10 and API 2."
All the Argus and IHS McCloskey indexes are calculated by averaging the relevant Argus and IHS McCloskey price assessments. API 10 is derived from the Argus fob Puerto Bolivar assessments and the IHS McCloskey Puerto Bolivar FOB Marker prices. The methodologies used to derive these price assessments are available online at www.argusmedia.com/methodology and www.mccloskeycoal.com.
Media contacts - Argus
T: +1 713 429 6308
T: +44 20 7780 4272
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Media Contacts - IHS
T: +44 780 301 3802
About Argus Media
Argus is an independent media organisation with nearly 500 full-time staff. It is headquartered in London and has offices in each of the world's principal energy centres. Its main activities comprise publishing market reports containing price assessments, market commentary and news, and business intelligence reports that analyse market and industry trends.
More than half of Argus' staff are commodity journalists who specialise in reporting news and price information relating to physical energy and related commodity markets. They operate according to a rigorous Editorial Code of Conduct and an Ethics Policy that align with best journalistic practice, including the avoidance of conflicts of interest.
Argus is a leading provider of data on prices and fundamentals, news, analysis, consultancy services and conferences for the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertilizer, petrochemical, metals and transportation industries. Data provided by Argus are widely used for indexation of physical trade. Companies, governments and international agencies also use Argus information for analysis and planning purposes.
Argus has 19 offices globally, including London, Houston, Washington, New York, Calgary, Rio de Janeiro, Singapore, Dubai, Beijing, Tokyo, Sydney, Moscow, Astana and other key centres of the energy and commodity industry. Argus was founded in 1970 and is a privately held UK-registered company.
About IHS (www.ihs.com)
IHS (NYSE: IHS) is the leading source of information and insight in critical areas that shape today's business landscape. Businesses and governments in more than 165 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to long-term, sustainable growth and employs more than 6,700 people in 31 countries around the world.
SOURCE Argus Media; IHS