Platts today launched the world's first daily metallurgical coal assessments, which the company said would provide assistance in determining contract prices.
According to the company, the daily assessments will a demand from both miners and the steel mills for independent daily spot evaluations in the burgeoning Asian market.
Platts will provide two assessments, one dealing with hard coking coal loading in Australia for any destination and the other with coal delivered into China from any source.
These will complement the company's existing monthly coking coal assessments and its IODEX iron ore assessments.
"These new assessments, along with a dry bulk freight price from Australia to China, allow us to deepen our analysis of blast furnace economics, particularly those in China," said Platts' global director of steel Francis Browne.
"It is our hope the price transparency provided by Platts for this vital steel making ingredient, will meet the global industry’s need for comparative valuations of coking and other metallurgical coals."
The Hard Coking Coal Free On Board (FOB) Australia and Hard Coking Coal Cost and Freight (CFR) China assessments will capture the value of the material in US dollars per dry metric ton.
The company will also launch a daily dry bulk freight assessment, representing the cost of freight for cargoes carried on Panamax class vessels from Australia to China, as a standard for the price assessment process.
All three assessments will be published in Steel Markets Daily, Coal Trader International, International Coal Report and Platts' Metals Alert.
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