HOUSTON, Dec. 19, 2013 /PRNewswire/ -- The US coal industry in January will start settling standard-heat rail coal trading using an index of coal price assessments from global energy and commodity news and price reporting agency Argus.
Argus coal assessments will be used to settle the new coal product, a standardized 12,000 Btu CSX-originated coal forward contract. This was unanimously approved by members of the Coal Trading Association at their annual meeting on 9 December.
With nearly three years of data history in the lower-heat Central Appalachian rail coal market, Argus is uniquely positioned to provide a settlement basis in these forward contracts. The 12,000 trading product uses the Argus index to adjust loading volumes for CSX-originated coal, delivered fob railcar.
The new trading specification reflects the changing quality standards of US coal production, which have shifted over time. The new 12,000 Btu/lb standard specification is a better match with the region's typical product than earlier coal specifications.
"We are pleased the energy trading community relies on Argus for indexation in this exciting new coal contract," Argus Media chairman and chief executive Adrian Binks said. "This is an important extension of Argus' leadership in coal markets and commitment to transparency in world energy markets."
The index is published in Argus Coal Daily, a market report covering the US coal industry and markets. Other key settlement uses of Argus US coal data include physical market supply agreements and quality adjustments.
Historical data are available for long-term trend analysis and planning. Spot and historical data can be accessed in numerous ways, including online and by FTP.
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About Argus Media
Argus is an independent media organisation with almost 600 full time staff. It is headquartered in London and has offices in each of the world's principal commodity 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 employees 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 a compliance and 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 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 commodity industries. Argus was founded in 1970 and is a privately held UK-registered company. Visit www.argusmedia.com
SOURCE Argus Media