COAL TRADER INTERNATIONAL

Volume 21 / Issue 37 / Tuesday, February 23, 2021

Kalimantan thermal coal prices firm DAILY PROMPT PHYSICAL THERMAL COAL ASSESSMENTS, FEB 23

on strong seaborne inquires CV (kcal/kg) Window Platts symbol $/mt Chg

Asia-Pacific
■■South African, Indonesian coal gains traction Northeast Asia
■■Australian coal prices dip on long voyage Platts NEAT 5,750 NAR 15-60 day JKTCA00 82.95 -1.87
■■Buyers in China on wait and watch mode South Asia
Platts SEAT 4,200 GAR 15-60 day CSEAA00 53.10 +0.60
CFR Pakistan 5,750 NAR 30-60 day TPKCA00 92.00 +1.00
London—South Asian seaborne thermal coal demand maintained its CFR Bangladesh 5,000 GAR 30-60 day TCBAN00 81.70 +0.95
upbeat momentum as utilities continued to seek imported cargoes Sulfur Differential TCSDA00 0.25
from Indonesia and South Africa, however, China made a slower return China
amid high ocean freight rates, sources said Feb. 23. PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPQ00 53.00 -0.45
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPP00 76.90 -0.35
Several tenders were released by Indian utilities this week, while PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSC00 83.40 -0.10
one tender was released by a Chinese utility, supporting seaborne coal Yuan/mt
(continued on page 11) PCC 6 (CFR South China) 3,800 NAR 30-60 day PCCPR00 341.07 -3.16
PCC 6 (VAT included) 3,800 NAR 30-60 day PCCPS00 385.41 -3.57
PCC 7 (CFR South China) 4,700 NAR 30-60 day PCCPO00 494.87 -2.64
PCC 7 (VAT included) 4,700 NAR 30-60 day PCCFB00 559.20 -2.99
NEWS HEADLINES PCC 8 (CFR South China) 5,500 NAR 15-60 day PCCSD00 536.70 -1.07
PCC 8 (Duty & VAT included) 5,500 NAR 15-60 day PCCFA00 606.47 -1.21

Taiwan 2020 thermal coal imports Indonesia

FOB Kalimantan (Geared Supramax) 4,200 GAR 7-45 day CSBKI00 41.00 0.00
down 6% at 62.69 mil mt: customs FOB Kalimantan (Geared Supramax) 3,800 GAR 7-45 day CSCKJ00 32.00 0.00
FOB Kalimantan (Geared Supramax) 5,900 GAR 90-day CSAKH00 75.00 -0.50
■■Lowest yearly volume since 2016
FOB Kalimantan (Geared Supramax) 5,000 GAR 90-day CSAKI00 64.90 +0.10
■■Platts Analytics expects slight recovery for 2021 Kalimantan Floating Crane AKFCA00 0.75
Australia
Czech Republic to launch official complaint FOB Newcastle 20% Ash 5,500 NAR 7-45 day AAVUW00 57.00 -1.45
against Turow mine extension FOB Newcastle 23% Ash 5,500 NAR 7-45 day AAVVB00 55.50 -1.45
FOB Newcastle Ash Differential AAVVA00 0.49
■■Last minute negotiations fail in Warsaw
India
■■ECJ complaint approved by cabinet
CFR India West (Gearless Panamax) 5,500 NAR 30-60 day CIWCI00 82.70 -0.30
CFR India West (Gearless Panamax) 5,000 GAR 30-60 day TCAKP00 79.90 -0.35
Asia PLV FOB met coal rises on new booking; CFR India West (Gearless Panamax) 4,200 GAR 30-60 day TCAKT00 56.00 -0.45
CIECI00 83.20 -0.30
Chinese market sluggish CFR India East (Gearless Panamax)
CFR India East (Gearless Panamax)
5,500 NAR
5,000 GAR
30-60 day
30-60 day TCAKJ00 78.60 -0.25
■■New booking for April laycan CFR India East (Gearless Panamax) 4,200 GAR 30-60 day TCAKU00 54.70 -0.35
■■Chinese market sluggish Atlantic Basin
Europe
CIF ARA vs EU ETS CARBON ALLOWANCE CIF ARA 6,000 NAR 15-60 day CSARM01 64.90 -0.80
European Blended Price (EBP) 6,000 NAR 15-60 day TEBPA00 73.40 -0.25
(Eur/mt) EBP/CIF ARA Differential 6,000 NAR 15-60 day TEBPB00 8.50 +0.55
60
South Africa
FOB Richards Bay 5,500 NAR 7-45 day AAXEX00 58.65 -1.75
50
North America
FOB Baltimore 3%S 6,900 NAR 15-60 day CUATB04 67.45 0.00
40
FOB Hampton Roads 1%S 6,000 NAR 15-60 day CUAEA04 85.70 0.00
FOB New Orleans 3%S 6,000 NAR 15-60 day CUAFA04 51.60 0.00
CIF ARA
30 FOB Long Beach 0.5%S 6,000 NAR 15-60 day CTLBA00 71.50 0.00
EU ETS FOB Oakland 0.5%S 6,000 NAR 15-60 day CTOKA00 68.85 0.00
FOB Vancouver 0.5%S 5,000 NAR 15-60 day CTVCA00 47.00 +0.05
20 *In the absence of transactional data, these assessments represent theoretical value for
export.
10
Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21
Source: S&P Global Platts

www.platts.com www.twitter.com/PlattsCoal
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

Taiwan 2020 thermal coal imports WEEKLY PROMPT PHYSICAL THERMAL COAL PRICES, FEB 19
Code Kcal/kg Basis Sulfur $/mt Change
down 6% at 62.69 mil mt: customs CIF Med 75kt CTCMT04 6,000 NAR 0.8% 65.00 +4.00
CIF Med 45kt CTCMA04 6,000 NAR 0.8% 69.00 +2.00
■■Lowest yearly volume since 2016 FOB Colombia CSABZ00 6,000 NAR 0.8% 68.50 -2.00
FOB Russia Baltic CSAKC00 6,000 NAR 0.5% 60.00 -0.90
■■Platts Analytics expects slight recovery for 2021
FOB Russia Pacific CSAKG00 6,300 GAR 0.3% 81.50 0.00

London—Taiwan imported 62.69 million mt of thermal coal in 2020, PLATTS PHYSICAL THERMAL COAL NETBACKS, FEB 23
down 6% on the year, according to the latest customs data Feb. 23. Code CV Basis Sulfur $/mt Chg
This was the lowest yearly total since 2016 as Taiwan faces (kcal/kg)
Coal ($/mt)
declining demand for coal, although Platts Analytics expects a slight
CIF ARA CSARM01 6,000 NAR 1.0% 64.90 -0.80
recovery of around 2% in demand for 2021. Platts NEAT JKTCA00 5,750 NAR 1.0% 82.95 -1.87
Australia remained the single largest source of coal for Taiwan, CFR India West CIWCI00 5,500 NAR 0.8% 82.70 -0.30

with 30 million mt, down 11% on the year and the lowest yearly total Panamax Freight ($/mt)
since 2013, while Indonesia accounted for 17.61 million mt, down 9% on USEC-Rotterdam CDBUR00 18.50 +0.25
Mobile-Rotterdam CDMAR00 23.25 +0.25
the year. Roberts Bank-Japan CDRBK00 23.50 -0.20
Richards Bay-India West CSAKL00 19.75 0.00
TAIWAN DECEMBER THERMAL COAL IMPORTS
Penalties & Premia ($/mt)
Origin Volume (mt) %change on month %change on year
Per 0.1% Sulfur (USGC) COPAP00 0.00 0.00
Australia 1,366,183 -35.90 -38.46
Total S discount (USGC) COPBP00 0.00 0.00
Indonesia 1,280,597 -23.76 25.88
Russia 897,630 -4.92 15.82 Netbacks ($/st)
Canada 245,061 66.57 -23.08 FOB US East Coast* COUSC00 12,500 GAR 1.0% 46.77 -1.06
South Africa 165,000 n/a 0.00 FOB US Gulf Coast* COUGU00 11,500 GAR 2.9% 38.48 -0.97
Other 108 n/a n/a FOB Vancouver* COVCU00 8,800 GAR 0.8% 43.25 -1.21
Total 3,954,579 -20.86 -12.04 Netbacks ($/mt)
source: customs data FOB Richards Bay CSEUW00 6,000 NAR 0.8% 71.61 -0.39
* CV = Btu/lb

Imports from Russia continued to grow on a year-ago basis,

reaching 11.29 million mt, up 29% on the year and the highest yearly
total since Platts began collecting the data in 2012. In December, total imports were 3.95 million mt, down 21% on the
Imports from Canada were 2.18 million mt, down 6%, imports from month and up 12% on the year, split between 3.03 million mt of
South Africa fell to 1.15 million mt, down 18% and imports from bituminous coal and 927,621 mt of sub-bituminous coal.
Colombia were just 261,438 mt, down 64% — Joseph Clarke

GLOBAL COAL PHYSICAL PRICE SNAPSHOT, FEBRUARY 23

$/mt, kcal/kg)

FOB Baltic Russia 6,000 NAR* 60.00

FOB Russia Pacific 81.50
CIF ARA 6,000 NAR 64.90
European Blended Price 6,000 NAR 73.40
FOB Baltimore 6,000 NAR 58.65
FOB Hampton Roads 6,000 NAR 85.70 CIF Med 75kt 6,000 NAR* 65.00
Platts NEAT 5,750 NAR 82.95
FOB New Orleans 6,000 NAR 51.60 CIF Med 45kt 6,000 NAR* 69.00
FOB Long Beach 6,000 NAR 71.50
CFR Pakistan 5,750 NAR 92.00 PCC 8 (CFR South China) 5,500 NAR 83.40
FOB Oakland 6,000 NAR 68.85
CFR India East 5,500 NAR 83.20
FOB Vancouver 5,000 NAR 47.00 CFR Bangladesh 5,000 GAR 81.70
CFR India West 5,500 NAR 82.70
CFR India East 4,200 GAR 54.70 Platts SEAT 4,200 GAR 53.10
CFR India West 4,200 GAR 56.00
FOB Colombia 6,000 NAR* 68.50
FOB Kalimantan 4,200 GAR 41.00

FOB Richards Bay 5,500 NAR 58.65 FOB Newcastle 5,500 NAR 57.00
FOB Richards Bay 6,000 NAR 71.61

* Weekly price, assessed Fridays

Source: S&P Global Platts

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 2
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

Czech Republic to launch official complaint SPOT DRY BULK FREIGHT ASSESSMENTS, FEB 23
Platts symbol $/mt Chg
against Turow mine extension Capesize
Australia-China CDANC00 8.10 -0.20
■■Last minute negotiations fail in Warsaw Queensland-Japan CIGAJ00 8.70 -0.20
■■ECJ complaint approved by cabinet New South Wales-Korea CINAK00 9.90 0.00
Bolivar-Rotterdam CIBCR00 9.85 -0.05
■■New unit in commissioning phase
Roberts Bank-Japan CDRKJ00 10.85 -0.05
Panamax
London—The Czech government is to submit a formal complaint to the
Richards Bay-India West CSAKL00 19.75 0.00
European Court of Justice against Polish plans to continue mining Kalimantan-India West CSAKP00 14.35 -0.35
lignite at the Turow mine on the Polish-Czech border, it said Feb. 22. Richards Bay-India East CSAKN00 20.30 0.00
The foreign affairs ministry said its joint demand with the Kalimantan-India East CSAKR00 12.30 -0.35
environment ministry was approved at a cabinet meeting, with Ventspils-Rotterdam CILTN00 13.25 +0.25
USEC-India CDBUI00 48.50 +0.25
the formal complaint expected to submitted late February or
USEC-Rotterdam CDBUR00 18.50 +0.25
early March. Mobile-Rotterdam CDMAR00 23.25 +0.25
“Unfortunately, negotiations in Warsaw 10 days ago did not turn out Roberts Bank-Japan CDRBK00 23.50 -0.20
as we had hoped, “ the foreign ministry said. Australia-China CDBFA00 19.75 -0.25
Minister Tomas Petrick had made the visit Feb. 12, setting out Australia-India CDBFAI0 22.25 -0.25

Czech conditions for an out-of-court settlement to the dispute. Supramax

Richards Bay-Port Qasim CRBPB00 19.30 +0.50
The Czech complaint focuses on claims that Polish authorities
South Kalimantan-Krishnapatnam CISKK00 14.40 +0.60
failed properly to take account of the views of Czech citizens and
authorities when giving a six-year extension to PGE’s mining activities THERMAL COAL IMPLIED FREIGHT TABLE, FEB 23
at Turow. Basis 5,500 kcal/kg NAR
A new lignite-fired unit at Turow was synchronized to the grid in Origin/delivery hub NE Asia SE Asia NW Europe India Med South China
FOB Newcastle (20% Ash) 22.34 16.01 2.49 26.20 2.58 26.40
December, 2020. During a first phase the block is to operate at
FOB Kalimantan 6.97 0.64 -12.88 10.83 -12.79 11.03
between 40%-45% of capacity. Full commissioning is due by April FOB Colombia 16.55 10.22 -3.30 20.41 -3.21 20.61
2021, taking site capacity close to 2 GW. FOB Russia Baltic 24.34 18.01 4.49 28.20 4.58 28.40
— Chris Johnstone FOB Russia Pacific 4.63 -1.70 -15.22 8.49 -15.13 8.69
FOB Richards Bay 20.69 14.36 0.84 24.55 0.93 24.75
FOB Baltimore 25.58 19.25 5.73 29.44 5.82 29.64
FOB New Orleans 32.04 25.71 12.19 35.90 12.28 36.10
FOB Vancouver 27.64 21.31 7.79 31.50 7.88 31.70

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COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

RECENT HEARDS IN THE THERMAL COAL MARKET

Date Heard type Product (kcal/kg) Price (per mt) Volume size Delivery period Source Additional
reported (mt) notes
23-Feb Bid CIF ARA 6000 NAR $66 50,000 March globalCOAL
23-Feb Offer CIF ARA 6000 NAR $66.5 50,000 March globalCOAL
23-Feb Offer CIF ARA 6000 NAR $65.9 50,000 April globalCOAL
23-Feb Trade FOB Richards Bay 6000 NAR $86.5 50,000 April globalCOAL
23-Feb Offer FOB Richards Bay 6000 NAR $85.75 50,000 March globalCOAL
23-Feb Indication FOB Newcastle 5500 NAR $55-56 130,000 April Trader Capesize
23-Feb Offer FOB Newcastle 5500 NAR $56 75000/130000 April Trader Panamax/Capesize
23-Feb Trade FOB Newcastle 5500 NAR $55.5 75,000 April Trader Panamax
23-Feb Offer FOB Newcastle 5750 NAR $85 75,000 April Trader Panamax
23-Feb Offer CIF India 5000 NAR $80 55,000 March Trader Supramax, South African origin
23-Feb Offer FOB Qinhuangdao 5500 NAR Yuan590 Unknown Spot cargo Trader
23-Feb Trade FOB Qinhuangdao 5000 NAR Yuan510 Unknown Spot cargo Trader
23-Feb Offer FOB Kalimantan 4100 GAR $40.5 55,000 2H March Trader Supramax
23-Feb Offer FOB Kalimantan 4200 GAR $42 75,000 March Market Panamax, KFC = $1/mt
23-Feb Bid/Offer FOB Kalimantan 4200 GAR $41 vs 41.50 55,000 March Market Supramax
23-Feb Offer FOB Kalimantan 4200 GAR $42.5 75,000 March Trader Panamax, KFC = 75 cents/mt
23-Feb Offer FOB Kalimantan 4200 GAR $43 55000/75000 March Trader Geared vessel
23-Feb Offer FOB Kalimantan 4200 GAR $41.5 55,000 2H March Trader Supramax
23-Feb Bid FOB Kalimantan 4200 GAR $41-42 75,000 March Trader Panamax, KFC = $1/mt
23-Feb Trade FOB Kalimantan 4800 NAR $66.5 55000/75000 March Trader Geared vessel
23-Feb Offer FOB Kalimantan 4800 NAR $66 55000/75000 March Trader Geared vessel
23-Feb Offer FOB Kalimantan 4800 NAR $67 55000/75000 March Trader Geared vessel
23-Feb Offer FOB Kalimantan 4400 NAR $62-63 55000/75000 March Trader Geared vessel
23-Feb Bid FOB Kalimantan 4800 GAR $59.50-60 55000/75000 March Trader Geared vessel
23-Feb Bid/Offer FOB Kalimantan 5500 NAR $73 vs 76 55000/75000 March Market Geared vessel
23-Feb Bid FOB Kalimantan 4200 GAR $42 75,000 March Market Panamax, KFC = 75 cents/mt
23-Feb Offer FOB Kalimantan 4100 GAR $42 75,000 April Producer Panamax
23-Feb Bid FOB Kalimantan 3700 NAR $38.5 75,000 1H March Producer Panamax
23-Feb Offer FOB Kalimantan 4700 NAR $66 55000/75000 Apr/Mar Producer Geared vessel
23-Feb Offer FOB Kalimantan 4800 NAR $65 55000/75000 March Trader Geared vessel
22-Feb Bid CIF ARA 6000 NAR $65.3 50,000 March globalCOAL
22-Feb Offer FOB Richards Bay 6000 NAR $87.5 50,000 March globalCOAL
22-Feb Offer FOB Richards Bay 6000 NAR $87.25 50,000 April globalCOAL
22-Feb Bid FOB Richards Bay 6000 NAR $84.5 50,000 April globalCOAL
22-Feb Bid CIF ARA 6000 NAR $62.25 50,000 April Braemar
22-Feb Offer CIF ARA 6000 NAR $64.25 50,000 April Braemar
22-Feb Bid CIF ARA 6000 NAR $66 50,000 March Braemar
22-Feb Offer FOB Kalimantan 3800 NAR $42.5 55,000 2H March Trader Supramax
22-Feb Offer FOB Kalimantan 3350 NAR $33 55,000 2H March Trader Supramax
22-Feb Offer FOB Kalimantan 3800 NAR $43 75,000 mid-March Trader Panamax, KFC = $1/mt
22-Feb Offer FOB Kalimantan 4700 NAR $65 55000/75000 1H March Trader Geared vessel
22-Feb Offer FOB Kalimantan 3800 NAR $41 55,000 1H March Trader Supramax
22-Feb Bid FOB Kalimantan 3800 NAR $42 75,000 1H March Trader Panamax, KFC = 75 cents/mt
22-Feb Trade FOB Kalimantan 3800 NAR $41 55,000  March Trader Supramax
22-Feb Offer FOB Kalimantan 4700 NAR $66 55000/75000 March Trader Geared vessel
22-Feb Bid/Offer FOB Newcastle 5500 NAR $56 vs 57 55,000 Mar/Apr Trader Supramax
22-Feb Offer FOB Kalimantan 4700 GAR $65 55000/75000 March Trader Geared vessel
22-Feb Trade FOB Kalimantan 3400 NAR $32 55,000 March Market Supramax
22-Feb Offer FOB Qinhuangdao 5500 NAR Yuan600 Unknown Spot cargo Trader
22-Feb Bid FOB Newcastle 5500 NAR $55 130,000 Mar/Apr Trader Capesize
19-Feb Bid CIF ARA 6000 NAR $66.5 50,000 March globalCOAL
19-Feb Offer CIF ARA 6000 NAR $67 50,000 March globalCOAL
19-Feb Offer CIF ARA 6000 NAR $75 50,000 March globalCOAL
19-Feb Offer CIF ARA 6000 NAR $65.25 50,000 April globalCOAL
19-Feb Offer FOB Richards Bay 6000 NAR $89 50,000 April globalCOAL
19-Feb Bid FOB Richards Bay 6000 NAR $85 50,000 April globalCOAL

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 4
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

Asia PLV FOB met coal rises on new booking; THERMAL COAL FORWARD CURVES, FEB 23
Bid Ask Midpoint* Platts symbol Change* % Change
Chinese market sluggish CIF ARA 6,000 NAR
Mar-21 63.75 64.05 63.90 CSAM001 +0.15 +0.24
■■New booking for April laycan
Apr-21 63.55 63.85 63.70 CSAM002 +0.15 +0.24
■■Chinese market sluggish Q2-21 63.70 64.00 63.85 CSAQ001 +0.10 +0.16
■■More price cuts loom for China market Q3-21 65.10 65.40 65.25 CSAQ002 +0.30 +0.46
Q4-21 66.45 66.75 66.60 CSAQ003 +1.35 +2.07
Q1-22 66.45 66.75 66.60 CSAQ004 +1.35 +2.07
Singapore—Seaborne metallurgical coal prices in the premium hard 2022 67.35 67.65 67.50 CSAY001 +0.75 +1.12
coking coal segment nudged higher on an FOB Australia basis, buoyed 2023 66.05 66.35 66.20 CSAY002 +1.40 +2.16
2024 66.05 66.35 66.20 CSAY003 +1.40 +2.16
by an April laycan trade, while delivered prices to China slipped in a
*Fields are calculated.
sluggish market.
S&P Global Platts assessed premium low vol coal up $3.50/mt at
$139/mt FOB Australia, and PLV CFR China down 25 cents/mt at
$223.25/mt CFR China Feb. 23.
YEARAHEAD TTF vs DUTCH YA COAL SWITCHING PRICE
The spot market saw a reversal Feb. 23 on a premium hard coking
coal price basis, FOB Australia, as April laycan Australian mid volatile (Eur/MWh)
20
matter coking coal traded higher.
A deal was concluded Feb. 23 for 75,000 mt of globalCOAL HCCA 18
Branded at $142/mt FOB Australia with April 5-14 laycan.
“To a certain extent, I think the recovery in prices today was due to 16 Dutch TTF
CSP
the suspension of production at the Moranbah North mine,” a trader
source said. Operations at Anglo American’s Moranbah North mine 14

were suspended following a detection of a gas leakage on Feb. 20.

12
Anglo American did not provide a timeline on the mine’s reopening at
the time of publication. 10
Meanwhile, a sell tender issued by a major European steelmaker for Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21
Australian premium mid vol Goonyella with H2 March laycan was widely Efficiency used is 50% for gas plants and 40% for Dutch coal plants. Platts CSPI is the
anticipated by the spot market. theoretical threshold at which gas is more competitive than coal in power generation. When
the gas price is higher than the CSPI, CCGTs are more expensive to run than coal-fired plants.
The unexpected news of the Moranbah North mine suspension, the Source: S&P Global Platts
impact of which has not yet fully materialized amid uncertainty around
the coking coal mine’s reopening dates, together with the latest spot
trades taking place at varied levels, have left market participants GERMAN CLEAN DARK SPREADS vs CLEAN SPARK SPREADS
seeking clarity on the price direction, sources said. (Eur/MWh)
Trading activity in China remained thin amid limited non-Australian 10
premium hard coking coal cargo availability. Such thin trading is
expected to persist, market sources said, and spot prices in China for
CDS 45%
premium grade may continue to stay rangebound. 0
CSS 50%
In the Chinese metallurgical coke market, the first round of price CSS 45%
cuts, by Yuan 100/mt, materialized Feb. 23, market sources said, adding CDS 35%
that there was little resistance from coke plants. Coke plants have -10
raised prices by Yuan 1,000/mt from August 2020 to January 2021,
which has enabled them to draw high profit margins, sources said,
adding that such margins may mean that more price cuts are looming. -20
MA MA +1 QA QA +1 YA
— Yi-Le Weng, Jessie Li
Source: S&P Global Platts

PLATTS HARD COKING COAL PREMIUM LOW VOL CFR CHINA

DAILY RATIONALE
Singapore—S&P Global Platts assessed Premium Low-Vol HCC down 25 cents/
mt to $223.25/mt CFR China Feb. 23. POWER PRICE FUNDAMENTALS
Tradable levels were placed between $220-$221/mt CFR China for a Canadian 23-Feb-21 Change
premium mid vol Standard, assessed at a $3/mt discount to Platts PLV CFR Brent oil (month ahead - $/b) AAYES00 65.270 +0.760
China. No data was excluded from this assessment. Coal CIF ARA (year ahead - $/mt) CSAY001 67.500 +0.750
The above rationale applies to Platts premium low vol CFR China assessment EEX EUA carbon (front December - Eur/mt) EADLP00 38.670 +0.710
(PLVHC00) & TSI Prem JM25 CFR Jingtang (TS01044) UK NBP gas (month ahead - p/th) NGAAE00 40.975 +1.175
Dutch TTF gas (year ahead - Eur/MWh) GTFTZ00 16.625 +0.225

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 5
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

PLATTS HARD COKING COAL PREMIUM LOW VOL FOB 5DAYAHEAD TEMPERATURE DEVIATION FORECAST
AUSTRALIA DAILY RATIONALE
Singapore—S&P Global Platts assessed Premium Low-Vol HCC up $3.50/mt to
$139.00/mt FOB Australia Feb. 23.
A trade was done Feb 23 at $142/mt FOB Australia for a globalCOAL HCCA
Branded, 75,000mt with April 5-14 laycan, assessed at $3/mt premium to Platts
PLV FOB Australia. No data was excluded from this assessment.
The above rationale applies to Platts premium low vol FOB Australia
assessment, with the associated data code: PLVHA00

PLATTS THERMAL COAL INDONESIA DAILY RATIONALE

S&P Global Platts assessed the 7-45 day price of FOB Kalimantan 4,200 kcal/kg
GAR coal at $41/mt Feb. 23, flat day on day, reflecting the convergence of the
market’s bid and offer prices.
No trades were reported before the end of the Platts Market On Close
assessment process.
The best offer heard was $41/mt FOB for March to April loading geared vessel
cargoes and higher offers were reported $41.50-$43/mt FOB, while a firm bid
was heard at $41/mt FOB and a lower bid at $40/mt FOB.
A bid at $41.25/mt FOB was not reflected in the assessment as it could not be
confirmed at the time of publishing.
The above rationale applies to the FOB Kalimantan 4,200 GAR assessment, with
the associated code: CSBKI00

HYDROGEN
Source: S&P Global Platts, Custom Weather

EC unveils partnerships with Eur10 billion

for green transition unveiled in July 2020.
In that proposal, the EC said the current model where energy
■■New partnerships to focus on clean hydrogen, aviation consumption in transport, industry, gas and buildings is happening in
■■Supports conversion of biomass into bio-based products ‘silos’ – each with separate value chains, rules, infrastructure, planning
■■EC targets energy, digital transitions and operations – cannot deliver climate neutrality by 2050 in a cost
efficient way. It therefore said innovative solutions must be integrated,
London—The European Commission has proposed 10 new European new links between sectors created and technological progress exploited.
partnerships and Eur10 billion ($12.15 billion) of funding to promote a The new clean hydrogen partnership “will focus on producing,
green and digital transition, it said Feb. 23. distributing and storing clean hydrogen and on supplying sectors that
The new partnerships aim to boost clean hydrogen production, are hard to decarbonize, such as heavy industries and heavy-duty
develop efficient low-carbon aircraft and support the use of renewable transport applications,” the EC said.
biological raw materials in energy generation.
“The partnerships proposed today will mobilize resources, so that we Sustainable aviation
can jointly make the most of digital technologies, not least in the interest Also among the new measures, a partnership on clean aviation
of our green transition,” said Margarethe Vestager, the European aims to put the sector on a path to climate neutrality by accelerating
Commission’s executive vice-president for a Europe fit for the digital age. the development and deployment of “disruptive research and
The EU will provide nearly Eur10 billion of funding that the partners innovation solutions,” the EC said.
will match with at least an equivalent amount of investment, the EC “It aims to develop the next generation of ultra-efficient low-
said in a statement. carbon aircraft, with novel power sources, engines, and systems,
improving competitiveness and employment in the aviation sector that
Clean hydrogen value chain will be especially important for the recovery,” it said.
The proposed partnerships include a project to accelerate the Other partnerships include a “circular bio-based Europe” which
development and deployment of a European value chain for clean aims to develop and expand the sustainable sourcing and conversion
hydrogen technologies, contributing to sustainable, decarbonized and of biomass into bio-based products. It also aims to support the
fully integrated energy systems, the EC said. deployment of bio-based innovation at regional level with the active
Together with the Hydrogen Alliance, the project will contribute involvement of local actors and with a view to reviving rural, coastal
to the achievement of the EU’s objectives set out in the EU and peripheral regions, it said.
hydrogen strategy for a climate-neutral Europe, which the EC The new European partnerships come under Horizon Europe – an

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 6
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

PLATTS DAILY METALLURGICAL COAL ASSESSMENTS, FEB 23

Asia-Pacific coking coal ($/mt)
Platts FOB Change Platts CFR Change Platts CFR Change
symbol Australia symbol China symbol India
HCC Peak Downs Region HCCGA00 140.00 +3.50 HCCGC00 159.75 +3.25 HCCGI00 162.25 +3.25
Premium Low Vol PLVHA00 139.00 +3.50 PLVHC00 223.25 -0.25 PLVHI00 161.25 +3.25
HCC 64 Mid Vol HCCAU00 130.25 +1.00 HCCCH00 206.25 -0.50 HCCIN00 152.50 +0.75
Low Vol PCI MCLVA00 106.75 0.00 MCLVC00 143.25 -2.00 MCLVI00 129.00 -0.25
Mid Tier PCI MCLAA00 105.25 0.00 MCLAC00 141.75 -2.00 MCVAI00 127.50 -0.25
Semi Soft MCSSA00 98.25 0.00 MCSSC00 137.00 -1.00 MCSSI00 120.50 -0.25
Premium Low Vol China Netback PLVHD00 203.50 0.00
TSI coking coal indices ($/mt)
TSI Premium Hard (PHCC) FOB Australia TS01034 138.70 +0.80
Asia-Pacific brand relativities ($/mt)
Platts FOB Australia Spread Platts CFR China Spread Spread
symbol vs PLV symbol vs PLV vs HCC 64
FOB Australia CFR China CFR China
Premium Low Vol PLVHA00 139.00 100.00% PLVHC00 223.25 100.00%
Peak Downs HCPDA00 140.00 100.72% MCBAA00 159.75 71.56%
Saraji HCSAA00 139.00 100.00% MCBAB00 158.75 71.11%
Oaky North HCOKA00 138.75 99.82% MCBAR00 158.25 70.88%
Illawarra HCIWA00 142.00 102.16% MCBAH00 153.75 68.87%
Moranbah North HCMOA00 142.00 102.16% MCBAG00 153.75 68.87%
Goonyella HCGOA00 142.00 102.16% MCBAE00 153.75 68.87%
Peak Downs North HCPNA00 141.00 101.44% MCBAJ00 152.75 68.42%
Goonyella C HCGNA00 141.00 101.44% MCBAI00 152.75 68.42%
Riverside HCRVA00 141.00 101.44% MCRVR00 152.75 68.42%
GLV HCHCA00 138.00 99.28% MCBAF00 151.25 67.75%
HCC 64 Mid Vol HCCCH00 206.25 92.39% 100.00%
Lake Vermont HCC MCBAN00 142.00 68.85%
Carborough Downs MCBAO00 140.00 67.88%
Middlemount Coking MCBAP00 132.00 64.00%
Poitrel Semi Hard MCBAQ00 129.00 62.55%
February 23 freight rates. Australia to China: Panamax = $19.75/mt Capesize = $8.10/mt.
For further information about these assessments, please refer to the specifications guide:
https://www.spglobal.com/platts/en/our-methodology/methodology-specifications/metals/metallurgical-coal-methodology or contact [email protected].

Atlantic coking coal ($/mt)

Platts FOB US
symbol East Coast Change VM Ash S
Low Vol HCC AAWWR00 152.00 0.00 19.25% 8.25% 0.95%
High Vol A AAWWS00 152.00 0.00 32.25% 7.5% 0.95%
High Vol B AAWWT00 136.00 0.00 36.00% 8.00% 1.00%
Premium Low Vol HCC CFR NWE PLVHE00 150.90 +3.50 21.50% 9.30% 0.50%
Premium Low Vol FOB Australia PLVHA00 139.00 +3.50 21.50% 9.30% 0.50%
Detailed methodology and specifications are found here: http://platts.com/IM.Platts.Content/MethodologyReferences/MethodologySpecs/metcoalmethod.pdf.

PCC Met (Platts China Coal – Metallurgical) (Yuan/mt)*

Platts Ex-washplant Platts Free-on-Rail Platts DDP Tangshan Platts CFR China
symbol symbol symbol symbol equivalent ($/mt)
PCC Met Shanxi Premium Low Vol PCCMA04 1550 PCCMB04 1585 PCCMC04 1880 PLVHJ04 239.26
PCC Met Shanxi High Sulfur Premium Low Vol PCCMD04 1180 PCCME04 1215 PCCMF04 1510
PCC Met North China Fat Coal PCCMG04 1480
PCC Met Shanxi PCI PCCMH04 1070 PCCMI04 1105 PCCMJ04 1325
PCC Met Shandong Semi Soft PCCMK04 1190 PCCML04 1210

PCC Met Rail Freight Shanxi – Tangshan PCCMM04 230

PCC Met Truck Freight Shanxi – Tangshan PCCMO04 330
*Weekly (assessed February 17).

North China prompt port stock prices

Platts Ex-stock Jingtang Platts CFR Jingtang
symbol (Yuan/mt, incl VAT) symbol equivalent ($/mt)**
Premium Low Vol* AAWZN00 1870.00 AAWZO00 251.28
HCC 64 Mid Vol* AAWZP00 1770.00 AAWZQ00 237.59
*Weekly (assessed February 19), 20-day delivery from date. **Ex-stock price, net of port charges, import tax and VAT.

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 7
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

PLATTS DAILY METALLURGICAL COAL ASSESSMENTS (continued)

HCC assessed specifications

CSR VM Ash S P TM Fluidity
Premium Low Vol 71% 21.50% 9.30% 0.50% 0.05% 9.70% 500
HCC Peak Downs Region 74% 20.70% 10.50% 0.60% 0.03% 9.50% 400
HCC 64 Mid Vol 62% 21.50% 8.00% 0.45% 0.06% 10.50% 100
Penalties & Premia: Differentials ($/mt)
Within Platts % of Premium Low Vol FOB Platts Net value
min-max symbol Australia assessment price symbol
Per 1% CSR 67-74% CPCSA00 0.50% CPCSP00 0.70
Per 1% VM (air dried) 18-27% CPVPA00 1.00% CPVMP00 1.39
Per 1% TM (as received) 8-11% CPTPA00 0.50% CPTMP00 0.70
Per 1% Ash (air dried) 7-10.5% CPAPA00 0.50% CPPAP00 0.70
Per 0.1%S (air dried) 0.3-1% CPSPA00 0.50% CPSPV00 0.70
US low-vol HCC Penalties & Premia; Differentials ($/mt)
Within Platts % of US low-vol HCC FOB Platts Net value
min-max symbol USEC assessment price symbol
Per 1% CSR 50-64% CPPBA00 0.50% CPPBB00 0.76
40-49% CPPBC00 0.10% CPPBD00 0.15
Per 0.1% S 0.70-1.05% CPPBE00 0.75% CPPBF00 1.14
1.06-1.25% CPPBG00 1.30% CPPBH00 1.98
Per 1% TM (as received) 6-11% CPPBK00 1.00% CPPBL00 1.52
Per 1% Ash 5-10% CPPBI00 1.50% CPPBJ00 2.28
US weekly brand relativities ($/mt), February 19
Platts FOB Spread vs US LV
symbol
Blue Creek No. 7 MCAPB04 160.00
Blue Creek No. 4 MCAPC04 154.00
Beckley MCAPD04 155.00 101.97%
Low Vol FOB USEC AAWWR00 152.00 100.00%
Windber MCAPE04 150.00 98.68%
Buchanan MCAPF04 153.25 100.82%
February 19 Panamax freight rates. Hampton Roads to Rotterdam = $18.25/mt, Hampton Roads to Brazil = $20.25/mt, Mobile to Rotterdam = $23.00/mt.
For further information about these assessments, please refer to the specifications guide:
https://www.spglobal.com/platts/en/our-methodology/methodology-specifications/metals/metallurgical-coal-methodology or contact [email protected].
Source: S&P Global Platts

COKING COAL DERIVATIVES ASSESSMENTS, FEB 23 METALLURGICAL COKE, FEB 23

Platts symbol $/mt Chg % Chg Seaborne
TSI Premium Hard Coking Coal Australia Export FOB East Coast Port % CSR Platts symbol $/mt Chg % Chg
Mar-21 MCPLM01 141.330 +9.660 +7.337 FOB North China 66/65 MCCNC00 476.00 -5.00 -1.04
Apr-21 MCPLM02 141.830 +8.330 +6.240 65/63 MCCHB00 466.00 -5.00 -1.06
May-21 MCPLM03 142.330 +7.830 +5.822 64/62 AAWVL00 454.00 -5.00 -1.09
Q2-21 MCPLQ01 142.330 +7.830 +5.822 62/60 MCCHA00 451.00 -5.00 -1.10
Q3-21 MCPLQ02 145.830 +4.500 +3.184 CFR India 66/65 MCCNI00 458.00 0.00 0.00
Q4-21 MCPLQ03 150.170 +2.000 +1.350 65/63 MCINB00 456.00 0.00 0.00
2022 MCPLY01 153.920 +0.250 +0.163 64/62 MCCEI00 450.00 0.00 0.00
2023 MCPLY02 155.920 +0.250 +0.161 62/60 MCINA00 448.00 0.00 0.00
Domestic
PLATTS CHINA PLV, MET COKE PRICE DIFFERENTIALS, FEB 23 Yuan/mt
Price spreads Platts symbol $/mt DDP North China (weekly) 62 AAWVJ00 2900.00 -20.00 -0.68
Import-Shanxi Premium Low Vol CFR China PLVHK04 -17.26 $/mt
Import-port stock Premium Low Vol CFR China PLVHL04 -27.78 FOB North China equivalent (DDP weekly) 62 PLVHM04 456.50 -4.10 -0.90
62% CSR coke export-domestic FOB North China PLVHN04 3.50

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 8
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

HYDROGEN

NORTH AMERICA HYDROGEN ASSESSMENTS, FEBRUARY 22* JAPAN HYDROGEN ASSESSMENTS, FEBRUARY 22*
Excluding Capex Including Capex Excluding Capex Including Capex
Production Pathway $/kg Change $/kg Change Production Pathway Yen/kg Change Yen/kg Change
Alberta (C$/kg) SMR w/o CCS 125.24 -1.86 288.59 -3.59
SMR w/o CCS 0.53 -0.17 1.75 -0.18 Alkaline Electrolysis 289.76 -138.96 473.95 -140.92
Alkaline Electrolysis 2.03 -8.57 3.41 -8.58 PEM Electrolysis 324.73 -155.73 589.38 -158.55
PEM Electrolysis 2.28 -9.60 4.27 -9.61 *Assessed previous day
Appalachia
SMR w/o CCS 0.43 -0.35 1.42 -0.35 NETHERLANDS HYDROGEN INCLUDING CAPEX
Alkaline Electrolysis 1.73 -1.77 2.74 -1.77 (Eur/kg)
PEM Electrolysis 1.94 -1.98 3.39 -1.98 5
Gulf Coast
PEM
SMR w/o CCS 0.45 -1.81 1.29 -1.81 Electrolysis
4
Alkaline Electrolysis 1.70 -137.14 2.66 -137.14
PEM Electrolysis 1.91 -153.69 3.28 -153.69 Alkaline
Electrolysis
Midcontinent 3
SMR w/o CCS 0.45 -1.37 1.34 -1.37 SMR w CCS
(inc. carbon)
Alkaline Electrolysis 2.53 -102.33 3.51 -102.33
month ahead
PEM Electrolysis 2.84 -114.67 4.24 -114.67 2
Northeast SMR w/o CCS
(inc. carbon)
SMR w/o CCS 0.65 -0.40 1.71 -0.40
month ahead
Alkaline Electrolysis 3.29 -1.81 4.32 -1.81 1
13-Jan 19-Jan 25-Jan 29-Jan 04-Feb 10-Feb 16-Feb 22-Feb
PEM Electrolysis 3.69 -2.02 5.18 -2.02
Northern California Source: S&P Global Platts
SMR w/o CCS 0.82 -0.03 2.04 -0.03
Alkaline Electrolysis 2.02 -0.57 3.15 -0.57 CALIFORNIA ELECTROLYSIS INCLUDING CAPEX
PEM Electrolysis 2.26 -0.64 3.88 -0.64 ($/kg)
Northwest 30
SMR w/o CCS 0.48 -0.16 2.40 -1.96
Alkaline Electrolysis 1.18 -6.59 2.21 -6.59 25
N. Calif.
PEM Electrolysis 1.32 -7.38 2.79 -7.38 PEM
Rockies 20
S. Calif.
SMR w/o CCS 0.46 -0.35 1.39 -0.35 PEM
15
Alkaline Electrolysis 1.79 -17.26 2.78 -17.26
PEM Electrolysis 2.00 -19.34 3.43 -19.34 N. Calif.
10 Alkaline
Southeast
SMR w/o CCS 0.50 -0.50 1.37 -0.50 5 S. Calif.
Alkaline Electrolysis 1.84 -5.87 2.82 -5.87 Alkaline
PEM Electrolysis 2.06 -6.58 3.46 -6.58 0
11-Jan 15-Jan 22-Jan 28-Jan 03-Feb 09-Feb 16-Feb 22-Feb
Southern California
SMR w/o CCS 0.86 -0.01 2.03 -0.01 Source: S&P Global Platts
Alkaline Electrolysis 2.07 -0.72 3.17 -0.72
PEM Electrolysis 2.32 -0.81 3.91 -0.81 NATURAL GASLNG
Upper Midwest ($/MMBtu)
SMR w/o CCS 0.46 -0.34 1.41 -0.34 40
Alkaline Electrolysis 1.57 -12.79 2.61 -12.79
PEM Electrolysis 1.76 -14.33 3.26 -14.33
30
*Assessed previous day
JKM
20 TTF
Henry Hub
NETHERLANDS HYDROGEN ASSESSMENTS, FEBRUARY 22
Production Pathway Eur/kg Change Eur/KWh Change 10
SMR w/o CCS 0.8374 -0.0305 0.0251 -0.0009
SMR w/o CCS (inc. Capex) 1.2717 -0.0310 0.0382 -0.0009
SMR w/o CCS (inc. Carbon) 1.0717 -0.0305 0.0322 -0.0009 0
13-Jan 19-Jan 25-Jan 29-Jan 04-Feb 10-Feb 16-Feb 22-Feb
SMR w/o CCS (inc. Capex & Carbon) 1.5061 -0.0310 0.0452 -0.0009
SMR w CCS 0.9214 -0.0336 0.0276 -0.0011 Source: S&P Global Platts
SMR w CCS (inc. Capex) 1.6290 -0.0345 0.0489 -0.0010
SMR w CCS (inc. Carbon) 0.9473 -0.0336 0.0284 -0.0010
SMR w CCS (inc. Capex & Carbon) 1.6549 -0.0345 0.0497 -0.0010
ASSESSMENT RATIONALE
Alkaline Electrolysis 2.4598 -0.0944 0.0738 -0.0028 The daily and month ahead hydrogen assessments are valuations that incorporate fixed
Alkaline Electrolysis (inc. Capex) 3.2251 -0.0952 0.0968 -0.0028 capital and operating costs and variable natural gas, electricity, and carbon prices. Details
PEM Electrolysis 2.7533 -0.1057 0.0826 -0.0032 on hydrogen methodology can be found at https://www.spglobal.com/platts/en/our-
PEM Electrolysis (inc. Capex) 3.8528 -0.1070 0.1156 -0.0032 methodology/methodology-specifications/electric-power/hydrogen-methodology

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 9
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

EU research and innovation program for the period 2021 to 2027 – the end of 2022, Llarden said.
which aims to improve and accelerate the development and uptake of Llarden said issues to be decided included how far the market
new innovative solutions across multiple sectors by mobilizing public would be regulated, and how much would be liberalized.
and private resources. The situation would be different to previous regulations for gas and
— Frank Watson power since the green hydrogen market today did not exist, either
from a technical aspect nor in terms of pricing, Llarden said.
The market would have to be created from scratch, and address
UK could see 10 GW of green hydrogen these issues, he said.
by 2030 with right policies: UKHFCA Llarden doubted there would be unbundling issues initially, due to
the small scale of projects. Indeed, besides some early movers, the
■■Government agnostic on pathway first wave of construction was likely to be implemented in the 2024-
■■Green H2 lobbying ahead of strategy 2026 period, Llarden estimated, following two preliminary phases.
■■GBP2/kg green H2 cost ‘achievable by 2030’ The first period would likely overlap the EU proposals, or between
2021 and 2022, in which project proposals could be examined with a view
London—The UK could deploy 10 GW of renewable hydrogen by 2030 to prioritization and the distribution of European Next Generation Funds.
given the right policy support, the UK Hydrogen and Fuel Cell Association This would likely mean actual investments or investment decisions
said Feb. 23. would be most likely to occur in 2023 or 2024, meaning their execution
The government has targeted 5 GW of low carbon hydrogen across the 2024-2026 period, he said.
capacity by 2030 but is agnostic on production pathways, refusing to Enagas is involved in 46 renewable gas projects, of which 30 are
prioritize green hydrogen (water electrolysis of renewables) ahead of hydrogen projects with more than 50 partners.
blue hydrogen (reformed natural gas plus carbon capture and storage). These include a grey to green hydrogen substitution project at the
Green hydrogen is an essential part of the UK’s net-zero CO2 Bilbao refinery, a renewable integration project in conjunction with Naturgy,
ambitions, the association said in a position paper. The right policy a small-scale grid in Majorca with a number of partners up and down the
support would allow the country to reach 80 GW of green hydrogen chain and a photoelectrocatalysis (PEC) project, which is an alternative to
capacity by 2050, with the potential for the UK to become a major electrolysis technology, in conjunction with oil and gas group Repsol.
exporter of the energy carrier. In all, the company has more than 600 MW of electrolysis capacity
Production costs for green hydrogen of GBP2/kg ($2.82/kg) were on its books for 2026.
achievable by 2030 if investments were taken now, UKHFCA said. By far its largest project is for the longer term, in conjunction with
Platts last assessed renewable hydrogen costs via alkaline electrolysis other European network operators. This is the European Hydrogen
(Netherlands, including capex) at Eur3.32/kg (GBP2.86/kg) Feb. 19. Backbone, which could mean Enagas’ investment of Eur4.2 billion
The UK government is due to release a hydrogen strategy in spring ($5.1 billion) and Eur6.3 billion through to 2040.
this year, following a commitment in its 10-point climate change plan, For Spain, the project could involve an H2 storage site near
published last November, of GBP500 million towards hydrogen projects. Zaragoza as well as new-build H2 pipelines from Coruna to Zaragoza
— James Burgess and from Barcelona to Lyon, France besides the conversion of existing
natural gas pipelines, according to the company.
— Gianluca Baratti
First wave of European hydrogen investment
seen in 2022: Enagas
Europe DRI steel project rise
■■EU regulation likely ready by end-2022: Llarden
spells green hydrogen demand
■■Enagas, Entso-e partners’ input invited
■■First wave of projects seen likely 2024-26 ■■New DRI projects, electrolyzers examined
■■Liberty Steel, EIT InnoEnergy look for green hydrogen projects
Barcelona—Agreement on European regulation on green hydrogen is ■■Metallics help lower emissions
likely to take until the end of 2022, pushing a first wave of investment
to between 2022 and 2024, the CEO of Spain’s gas transmission London—DRI steel projects are popping up across Europe, as interest
operator Enagas Antonio Llarden said Feb. 23. grows around low-emissions green steel powered by hydrogen.
At present Enagas, alongside its fellow European operators in the Enabled by hydrogen and natural gas supplies, a new wave of
European Network of Transmission System Operators, has been invited direct reduction iron (DRI) steelmaking is poised to radically cut
by the European Commission to provide input for a set of proposals emissions from blast furnace and basic oxygen furnace steelmaking.
that it intend to address the strategic role of hydrogen and how it Steel producer Liberty Steel this week announced plans to study
would develop and be regulated. DRI and green hydrogen production in France at Dunkirk, building on
The proposal would then be sent to heads of government and the earlier plans for a DRI plant at Galati steelworks in Romania. Large flat
EU parliament, meaning the regulatory position should be settled by steel groups Salzgitter, ThyssenKrupp Steel, Voestalpine and SSAB

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 10
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

have DRI plans afoot already, with SHS Group pursuing DRI projects Kalimantan thermal coal prices firm on strong
with Liberty, and one in Canada with Rio Tinto, as well as investing in seaborne inquires ...from page 1
hydrogen injection into blast furnaces to cut PCI coal usage.
ArcelorMittal already operates a DRI plant in Hamburg with natural prices, sources said.
gas, and is running a pilot DRI facility using hydrogen. Buyers in India shifted from Australian coal to seaborne coal
Outside Europe, existing DRI plants have run for decades mainly on from Indonesia and South Africa due to a shorter voyage as the
natural gas, providing, at least in theory, a tried and tested reliable prevailing shipping costs hovered at high ebbs, an India-based
technology for adaptation to 100% hydrogen. source said.
A 5 million mt/year CO2-free steel project in northern Sweden, backed “Freight component remained high, hence it is slowing things
by EIT InnoEnergy, announced Feb. 23 entails investments at Eur2.5 billion down especially for seaborne coal with a longer voyage,” he added.
and is based on green hydrogen supply. Depending on the final details, DRI Buying interest from India remained resilient for 4,200 kcal/kg GAR
facilities for 5 million mt may need around 350,000 mt of green hydrogen, Indonesian coal, a bid was heard at $41/mt FOB for a March-loading
based on S&P Global Platts estimates using technical data. Supramax, flat on the day.
Swedish iron ore mining group, LKAB wants to produce sponge iron Elsewhere, buying interest in China was slow to catch up as tender
through DRI in Sweden, while it is an investor in the HYBRIT DRI project activity were few, while Chinese coal demand turned lukewarm on
along with SSAB, which is looking to develop a 1 million mt/year warmer weather, sources said.
demonstration plant. Moreover, resilient ocean freight rates put a lid to near term trading
The flexibility for DRI is that merchant hot-briquetted iron can be as buyers in China held a wait and watch stance in anticipation for a
produced for use at offsite EAFs, supporting lower-quality ferrous downward correction, sources said.
scrap to be charged and wider range of finished steel grades. HBI can A Panamax vessel of 3,800 kcal/kg NAR Indonesian coal was
cut emissions at blast furnaces and in the BOF. awarded to a Chinese utility at around $41/mt on a FOB netback basis.
While natural gas may be used ahead of commercial availability of “There were limited serious bids from China, as they were waiting
hydrogen in Europe for steelmaking, the scale of multiple DRI-based for freight to soften,” a Singapore-based source said.
steel projects has bigger repercussions for renewable energy demand.
Hydrogen needs by volume, as well as the origin of the hydrogen, is Mid to high-CV
pressing on market and infrastructure requirements. On top of Following a deal done for 4,800 kcal/kg NAR Indonesian coal to
hydrogen for iron reduction, EAFs to melt the iron to the right grade for Pakistan at $66.50/mt FOB on a geared vessel loading in March, offers
finished steel products, will need high-capacity transmission lines to for 4,700 kcal/kg NAR to 4,800 kcal/kg NAR grade of coal were heard at
bring sufficient power for melting and heating steel, even for $65-$67/mt.
integrated hot DRI fed EAF plants. Sellers were lowering their offers as market turned quiet
Attention on hydrogen supply has focused on renewable power- taking into considering the high freight rates, an India-based
based electrolysis, while steel groups expects so-called blue hydrogen trader said.
may be a part of the supply portfolio for European steelmakers in the An offer for 4,400 kcal/kg NAR Indonesian coal was heard at $62-
first phase of DRI. $63/mt FOB, while a bid was heard at $60/mt FOB for a 4,800 kcal/kg
The new projects this week outlined electrolyzer capacity as large GAR Indonesian coal on geared cargoes loading in March.
as 1GW in Dunkirk, which are unprecedented in scale, given the first run An offer for 5,500 kcal/kg NAR Indonesian coal was heard at
of projects in Europe $76/mt FOB, while a bid was heard at $73/mt FOB for a geared
France’s government has approved interim hydrogen regulation, vessel loading in March.
which offers a first legislative look at hydrogen supply.
Other than renewable power-based hydrogen – well known as green South African and Australian arbitrages narrowed
hydrogen – France classified low-carbon hydrogen. This is derived from South African coal gained traction in India as the spread between
electrolysis powered by electricity from the nuclear-heavy French grid South African and Australian coal narrowed to less than $5/mt on a
as well as hydrogen derived steam reforming with carbon capture and delivered basis, with Australian coal costlier due to the longer voyage
storage (CCS), according to sector association Afhypac. to India, sources said.
Austria’s Voestalpine and Japan’s Kobe Steel have both published An offer for 5,500 kcal/kg NAR Australian coal was heard at
data on reducing carbon emissions from HBI usage in blast furnaces, $56/mt FOB, down $1/mt on the day, while a trade was concluded
using HBI from natural gas. at $55.50/mt FOB.
Kobe Steel said a HBI demonstration test over a month at a large Enquiries for South African coal ticked higher week on week, while
blast furnace (4,844 m3) of the Kakogawa Works in Hyogo Prefecture, bids for Australian coal turned thin, sources said.
Japan, in October led to a reduction in CO2 emissions of around 20% “Voyage from Australia is double of that from South Africa to India,
compared to a conventional method. hence making Australian coal less attractive to the Indian market,” an
The company said the emissions cuts were compared with fiscal India-based trader said.
2013-2014, the base year of CO2 reduction targets set by the Meanwhile, an offer for 5,000 kcal/kg NAR South African coal was
government and Kobe Steel. heard at $80/mt CIF India.
— Hector Forster, Andreas Franke — Jenny Ma

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 11
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

SUBSCRIBER NOTES
Platts to launch UK hydrogen assessments Electrolysis Capital Costs ($/KW) Current Proposed
S&P Global Platts is proposing to assess the cost of hydrogen production in the Alberta Hydrogen PEM Electrolysis Capital Cost $1,367 $1,589
UK. Appalachia Hydrogen PEM Electrolysis Capital Cost $951 $1,460
Platts would consider the daily cost of hydrogen production via three pathways: Midcontinent Hydrogen PEM Electrolysis Capital Cost $923 $1,417
Autothermal reforming with carbon capture (ATR w CCS), proton exchange Northeast Hydrogen PEM Electrolysis Capital Cost $978 $1,502
membrane (PEM) electrolysis and alkaline electrolysis. Northern California Hydrogen PEM Electrolysis Capital Cost $1,066 $1,637
The proposed UK hydrogen assessments would consider the feedstock costs Northwest Hydrogen PEM Electrolysis Capital Cost $969 $1,488
alone, as well as a second set of assessments that would include assumptions Rockies Hydrogen PEM Electrolysis Capital Cost $937 $1,439
for capital expenses (capex). Southeast Hydrogen PEM Electrolysis Capital Cost $924 $1,419
Assessments would be made in GBP/kg and GBP/KWh. Southern California Hydrogen PEM Electrolysis Capital Cost $1,044 $1,603
The assumptions for ATR w CCS costs would be based on industry research, Upper Midwest Hydrogen PEM Electrolysis Capital Cost $980 $1,505
including an H-Vision reported titled “Blue hydrogen as accelerator and pioneer Japan Hydrogen PEM Electrolysis Capital Cost $1,800 $2,073
for energy transition in the industry”, published in 2019. Alberta Hydrogen Alkaline Electrolysis Capital Cost $1,066 $1,025
Electrolysis assumptions would be based on the existing Platts methodology, Appalachia Hydrogen Alkaline Electrolysis Capital Cost $742 $941
and would incorporate the same changes as currently proposed in a separate Midcontinent Hydrogen Alkaline Electrolysis Capital Cost $720 $914
methodology update. Northeast Hydrogen Alkaline Electrolysis Capital Cost $763 $968
Daily inputs would include the month-ahead National Balancing Point Northern California Hydrogen Alkaline Electrolysis Capital Cost $832 $1,056
assessment; the month-ahead UK GTMA base and peak power assessments, a Northwest Hydrogen Alkaline Electrolysis Capital Cost $756 $959
UK water price, and the quarterly EC carbon auction spot average as a proxy for Rockies Hydrogen Alkaline Electrolysis Capital Cost $731 $928
UK carbon costs. Southeast Hydrogen Alkaline Electrolysis Capital Cost $721 $915
The assessments and unit of measurements would be as follows: Southern California Hydrogen Alkaline Electrolysis Capital Cost $815 $1,034
Hydrogen UK ATR w CCS (GBP/Kg) Upper Midwest Hydrogen Alkaline Electrolysis Capital Cost $764 $970
Hydrogen UK ATR w CCS (Incl. capex) (GBP/Kg) Japan Hydrogen Alkaline Electrolysis Capital Cost $1,404 $1,336
Hydrogen UK ATR w CCS (GBP/KWh) Other changes include an adjustment for plant efficiencies, based on
Hydrogen UK ATR w CCS (Incl. capex) (GBP/KWh) technology-specific assumptions listed in the IEA FoH report, as follows: steam
Hydrogen UK PEM Electrolysis (GBP/Kg) methane reforming (SMR), from 70% to 76%; SMR with carbon capture (CCS),
Hydrogen UK PEM Electrolysis (incl capex) (GBP/Kg) from 63% to 69%; and alkaline electrolysis, from 65% to 66.5%.
Hydrogen UK PEM Electrolysis (GBP/KWh) The cost of stack refurbishment as a percent of capital cost will also be
Hydrogen UK PEM Electrolysis (incl capex) (GBP/KWh) increased from 15% to 35% for PEM electrolysis, and from 15% to 45% for
Hydrogen UK Alkaline Electrolysis (GBP/Kg) alkaline electrolysis, based on technology-specific production costs cited in the
Hydrogen UK Alkaline Electrolysis (incl capex) (GBP/Kg) IEA FoH report.
Hydrogen UK Alkaline Electrolysis (GBP/KWh) Platts will also adjust the percentage of Dutch peak and base electricity prices
Hydrogen UK Alkaline Electrolysis (incl capex) (GBP/KWh) used in the Netherlands hydrogen assessments from the current 80% base and
The proposed changes would take effect April 1, 2021. 20% peak, to 50% peak and 50% base.
Please send any comments by March 12 to In addition, Platts will change its method for calculating carbon dioxide
[email protected] and [email protected]. emissions, with relevance to the Netherlands (SMR, and SMR w CCS) and
For written comments, please provide a clear indication if comments are not California (SMR) assessments, by using the emission factor of 8.9 kg CO2/kg
intended for publication by Platts for public viewing. H2, as listed in the IEA FoH report.
Platts will consider all comments received and will make comments not marked Finally, Platts will adjust the cadence of its methodology review from quarterly
as confidential available upon request. to annual, to accommodate the annual release of the US National Renewable
Energy Laboratorys Annual Technology Baseline report, which contains a
Platts to make several changes to its hydrogen methodology
number of the financial assumptions used in the revised hydrogen methodology
After a period of open consultation, S&P Global Platts will make several changes
as proposed.
to its hydrogen assessments that will refine its treatment of capital expenses,
The changes will take effect on April 1, 2021.
as well as adjust some operational parameters of the various production
Please send any comments to [email protected] and
pathways.
[email protected]. For written comments, please provide a clear
These changes stem from Platts’s quarterly methodology review of its hydrogen
indication if comments are not intended for publication by Platts for public
assessments, as well as industry feedback and a review of the assessment
viewing. Platts will consider all comments received and will make comments
methodology by an independent energy consultant. Chief among these
not marked as confidential available upon request.
changes is the adoption of a fixed charge rate for the calculation of capital
expenses, which is the product of a capital recovery factor and a project finance Platts proposes discontinuation of Euro price equivalents of thermal coal
factor. This change will more accurately incorporate inflation, depreciation, Panamax freight rates
return on equity, debt service, insurance as well as income and property taxes. S&P Global Platts is proposing to discontinue the publication of all four Euro-
In addition, the capital costs ($/KW) for the electrolysis production pathways denominated price equivalents of its Panamax thermal coal freight rates from
proton exchange membrane (PEM) electrolysis and alkaline electrolysis will be July 1, 2021.
increased, from $900/KW for PEM electrolysis to $1,382/KW; and from $702/KW The proposed discontinuation of these Euro-denominated price equivalent
for alkaline electrolysis to $891/KW. These changes will more closely align with freight rates into India is part of Platts ongoing review of its historical data sets.
the technology-specific capital costs listed in the International Energy Agency’s Platts will continue to publish these Panamax freight rate assessments in $/mt
2019 Future of Hydrogen report (IEA FoH). that reflect the value of the market at 5:30 pm Singapore time (0930 GMT).
This change will directly affect the Netherlands and US Gulf Coast electrolysis The affected assessments and their associated price database codes are:
assessments, and indirectly affect Japan and the remainder of the North Freight Rate Dry Bulk Richards Bay-Paradip East Coast India Panamax Euro/mt
American electrolysis assessments, whose capital costs will change as follows: (CSAKM00)

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 12
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

Freight Rate Dry Bulk Richards Bay-Mundra West Coast India Panamax Euro/mt CSR VM ad TM ar Ash ad S ad P ad Fluidity Vit %
(CSAKO00) Platts PLV 71 21.5 9.7 9.3 0.5 0.045 500 65
Freight Rate Dry Bulk Kalimantan-Mundra West Coast India Panamax Euro/mt TSI PHCC 71 21 10 10 0.45 0.05 600 68
(CSAKQ00) Proposed
Freight Rate Dry Bulk Kalimantan-Paradip East Coast India Panamax Euro/mt Specifications 70 20 10 10.5 0.65 0.04 300 67
(CSAKS00) Affected price series: TSI PHCC index, the PLV HCC assessment, and other
Platts has previously discontinued all Euro-denominated price equivalents of seaborne and port stock assessments that are related to the PLV HCC
its Asia thermal coal assessments from Aug. 21, 2020, following observation assessment. The list of affected price series is as follows:
of a decoupling of the Northwest Europe and Asian thermal coal markets as Description Symbol
a result of a shift in trade flows over the last six years, leading to a decline in TSI Premium Hard Coking Coal Australia Export FOB East Coast Port TS01034
the need for a Euro/mt price equivalent of Asian thermal coal assessments TSI Prem JM25 Coking Coal China Imports CFR Jingtang Port TS01044
(http://plts.co/u6mq30rtr25). Premium Low Vol HCC FOB Australia PLVHA00
Please send any questions or comments to shipping@spglobal, Prem Low Vol HCC FOB Australia (China netback) PLVHD00
[email protected] and [email protected] by Feb. 26, 2021. Premium Low Vol HCC CFR China PLVHC00
For written comments, please provide a clear indication if comments are not Premium Low Vol HCC CFR India PLVHI00
intended for publication by Platts for public viewing. Platts will consider all Prem Low Vol Ex-Stock Jingtang AAWZN00
comments received and will make comments not marked as confidential Prem Low Vol CFR Jingtang Equivalent AAWZO00
available to the public upon request. Met Coal Prem Low Vol Import-Port Stock CFR China Differential PLVHL04
TIMING: The timing specification of the Platts PLV FOB Australia assessment will
Platts to merge TSI and Platts Premium Hard Coking Coal Price Series
be adjusted to represent cargoes loading 7-60 days forward from the current
Following industry feedback, S&P Global Platts has decided to merge the TSI
7-45 days forward, in line with the current loading window of the TSI PHCC index.
Premium Hard Coking Coal FOB East Coast Australia index (TS01034) and the
As is the case in Platts methodology, where a time structure is observed in the
Platts Premium Low Vol HCC FOB Australia assessment (PLVHA00), effective
physical market, cargoes loading within this loading window are normalized to
April 1, 2021.
the mid-window day, in this case the 33rd day forward. The change will better
The decision follows market feedback received for a first proposal published
align with typical loading timings in the physical spot market and increase overall
May 22 (http://plts.co/CzN430qVcSJ), and a second updated proposal published
liquidity eligible for inclusion in the assessment. Affected price series: Premium
July 7 (https://bit.ly/3hzEU7Z).
Low Vol HCC FOB Australia (PLVHA00) and Prem Low Vol HCC FOB Australia
The majority of feedback received from market participants was supportive of
(China Netback) (PLVHD00) assessments. Platts will also change the delivery
the proposed merger of the TSI PHCC and Platts PLV indices, which aims to
timing for the assessments with CFR incoterms to delivery in 20-75 days, from
simplify Platts suite of premium coking coal assessments, and further reinforce
the current delivery in 20-60 days. Affected price series: Premium Low Vol HCC
the robustness of the TSI PHCC index in times of market illiquidity. Aligning the
CFR China (PLVHC00) and Premium Low Vol HCC CFR India (PLVHI00).
methodologies will mean that the TSI PHCC and Platts PLV HCC price series will
QUANTITY: The volume basis of the TSI PHCC assessment will be set at
be published as two identical values from April 1, 2021. This will have the added
minimum 10,000 mt, in line with the Platts PLV HCC specification, from the
benefit of eliminating the basis risk for market participants looking to hedge
present minimum 15,000 mt. Affected price series: TSI Premium Hard Coking
their PLV HCC-linked physical coking coal exposure via derivatives contracts
Coal Australia Export FOB East Coast Port (TS01034).
settling against the TSI PHCC index. Platts received widespread feedback from
LOCATION: Platts will define the location basis for the TSI PHCC index as FOB
all segments of the market and geographies, including during open webinars
Hay Point, Australia, in line with the existing Platts PLV HCC assessment. The
run for the purpose of explaining the proposal.
port of Hay Point includes the two terminals of HPCT and DBCT. Cargoes loading
DATA TREATMENT: The newly merged assessments, which will follow Platts
from other ports will continue to be reflected, but will be normalized to the
Market-on-Close principles, will reflect repeatable market value at the close of
stated basis location. Affected price series: TSI Premium Hard Coking Coal
the assessment process, after incremental market testing. Platts tracks market
Australia Export FOB East Coast Port (TS01034)
price evolution during the entire day, and publishes a wide range of data relating
PREMIUM MID VOL: Following market feedback, Platts has decided not to launch a
to market value, including firm bids and offers, transactions and indicative
new premium mid-vol assessment at this point. Platts currently publishes daily
values Transparent data is prioritized in the assessment process, because it is
assessments of a number of mid-vol brands, namely Goonyella, Illawarra,
available to the entire market for testing. The full description of the Platts
Moranbah North, Goonyella C, Peak Downs North and Riverside. According to
assessments methodology and data hierarchy can be found here: https://www.
market participants, these existing brand assessments (also known as relativities)
spglobal.com/platts/plattscontent/_assets/_files/en/our-methodology/
already serve as an accurate and transparent price reference for the premium mid-
methodology-specifications/platts-assessments-methodology-guide.pdf
vol segment of the market. Platts remains open to market feedback and continues
Affected price series: TSI Premium Hard Coking Coal Australia Export FOB East
to review the relevance of any additional mid-vol assessments.
Coast Port (TS01034).
The realigned assessments will be published in SBB Steel Markets Daily, Coal
TIMESTAMP: To align the TSI PHCC index with other assessments across
Trader International, on the real-time Platts Metals Alert on fixed pages 1064,
metallurgical coal and the ferrous value chain, including iron ore, steel and
205, 1051, 1062, and in the Platts price database under the symbols mentioned
ferroalloys, the index after alignment will represent an end-day value with a
above.
timestamp of 5:30 pm Singapore time (0930 GMT). At present, the TSI PHCC
Please send any feedback, comments or questions to
index takes into account data reported until 6 pm Singapore time and is
[email protected], [email protected] and
calculated as a volume-weighted average. Affected price series: TSI Premium
[email protected].
Hard Coking Coal Australia Export FOB East Coast Port (TS01034).
For written comments, please provide a clear indication if comments are not
QUALITY: Platts will revise the specifications of its merged assessments to
intended for publication by Platts for public viewing. Platts will consider all
better align them with the current specifications of premium low-vol hard
comments received and will make comments not marked as confidential
coking coals in the physical market. These changes can be seen in the table
available upon request.
below. Based on Platts evaluation, the new specifications do not amount to any
meaningful value difference for the assessment relative to its previous Platts to rename HCC 64 Mid Vol assessments to Low Vol HCC
specifications or relative to the major premium hard coking coal brands trading Following industry feedback, S&P Global Platts has decided to rename the HCC
in the physical market. All premium mid-vol hard coking coals will continue to 64 Mid Vol (also known as Hard Coking Coal) assessments to Low Vol HCC
be assessed and normalized to the Platts defined PLV benchmark specification. effective April 1, 2021.

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 13
COAL TRADER INTERNATIONAL TUESDAY, FEBRUARY 23, 2021

The decision follows market feedback received for the proposal published Sept. [email protected] and [email protected].
8. (https://bit.ly/3iGoZol). For written comments, please provide a clear indication if comments are not
The majority of feedback received from market participants was supportive of intended for publication by Platts for public viewing. Platts will consider all
the proposal to rename HCC 64 Mid Vol assessments, which aims to better align comments received and will make comments not marked as confidential
the names of the assessments with the underlying specifications defined in available upon request.
Platts methodology.
Platts to launch CFR China equivalents of 4 weekly domestic Chinese coking
On June 1, 2018 specifications of HCC 64 Mid Vol (also known as Hard Coking
coal assessments
Coal) FOB Australia (HCCAU00), CFR China (HCCCH00) and CFR India
Following industry feedback, S&P Global Platts has decided to launch calculated
(HCCIN00) assessments were adjusted to: 62% coke strength after reaction,
CFR China equivalents expressing the import parity values of 4 of its existing
21.5% volatile matter, 10.5% total moisture, 8% ash, 0.45% sulfur, 0.06%
weekly Chinese domestic coking coal assessments, starting March 1, 2021.
phosphorus, 100 ddpm max fluidity, 52% vitrinite. The subscriber note can be
Industry feedback received was supportive of the proposal, which aims to
viewed at https://bit.ly/2CLzbfT
provide market participants with extra clarity on the status of the arbitrage
.The renaming of assessment series will not affect the assessment
window for various grades of metallurgical coal, including high sulfur premium
methodology itself, or the qualities of coals whose pricing information is
low vol, fat coal, PCI and semi-soft.
considered in those assessments.
The values will be derived from the following existing Chinese domestic
Some of these assessments are globally-referenced benchmarks for generic
assessments:
(non-premium) hard coking coals. This prolonged notice period is to provide
PCC Met Shanxi High Sulfur Premium Low Vol (PCCMD04)
sufficient time for market participants who are using these assessments to
PCC Met North China Fat Coal (PCCMG04)
make any necessary adjustments in their contracts.
PCC Met Shanxi PCI (PCCMH04)
The change will affect the following assessments and all their averages:
PCC Met Shandong Semi Soft (PCCMK04)
Current description Realigned description Symbol
The new values will be calculated based on Platts domestic price assessments
HCC 64 Mid Vol FOB Australia Low Vol HCC FOB Australia HCCAU00
and adjustments for prevailing credit, moisture, inland freight, VAT, port charges
HCC 64 Mid Vol CFR China Low Vol HCC CFR China HCCCH00
and foreign exchange rates.
HCC 64 Mid Vol CFR India Low Vol HCC CFR India HCCIN00
The values will be published in SBB Steel Markets Daily, Coal Trader
HCC 64 Mid Vol Ex-Stock Jingtang Low Vol HCC Ex-Stock Jingtang AAWZP00
International, on the real-time Platts Metals Alert and Platts Steel and Raw
HCC 64 Mid Vol CFR Jingtang Low Vol HCC CFR Jingtang
Materials Alert on fixed page 1050 and in Platts Market Data.
Equivalent Equivalent AAWZQ00
Please send comments, questions and other feedback to
The renamed assessments will continue to be published in SBB Steel Markets
[email protected] and [email protected].
Daily, Coal Trader International, on the real-time Platts Metals Alert and Platts
For written comments, please provide a clear indication if comments are not
Steel, Raw Materials Alert on fixed pages 1064, 205, and 1062 and in the Platts
intended for publication by Platts for public viewing. Platts will consider all
price database under the symbol mentioned above.
comments received and will make comments not marked as confidential
Please send comments, questions and other feedback to
available upon request.

© 2021 S&P Global Platts, a division of S&P Global Inc. All rights reserved. 14