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Coal Price Data and Indexes

Optimize trading and investment decisions with industry-leading benchmark prices.

IHS Markit coal price markers form a key component of the API indices, which serve as the settlement price in 90% of the world's coal derivative contracts. With its legacy of playing a key role in developing steam coal indexation, IHS Markit McCloskey first published the NW European marker in 1991. This set the standard for 6,000kc coal traded in the Atlantic and the foundation for the API indices. Produced jointly between McCloskey and Argus, the API indices helped transform coal into a commodity.

Indonesian 4,200 kc GAR is some of the most liquid physical spot markets in Asia, supported by strong demand from China and India. Due to its ability to respond quickly and accurately to market conditions the IHS Markit McCloskey Indonesian 4,200 kc GAR FOB marker is increasingly being used for physical transactions and will shortly become the basis for derivatives trading in for the product.

Available as an add on to our other products, the full set of steam, coking and petcoke prices – along with vital coal market data, news and analysis – can be accessed through our online platform IHS Markit Connect® to:

  • Support your trades, purchases, sales and contracts
  • Track coal developments by country, region and coal type
  • Identify and capitalize on market trends

Methodology and Resources

Watch this short video to learn about the full suite of Energy coal capabilities.

Available Coal Price Indices and Market Data

Sample Steam Coal Prices

Europe & CIS

South Africa

Australia

China

Indonesia

India

North & Latin America


NW Europe CIF (6,000kc NAR) – Part of API 2
The IHS Markit McCloskey Northwest Europe Steam Coal marker is an assessment based on the price of coal delivered CIF into the ARA hub. The IHS Markit McCloskey Northwest Europe Steam Coal marker reflects the price of the most economic delivered tonne from any origin as long as the material’s specification reaches the general European standard, established by IHS Markit in 1991, of under 1% sulphur with prices c.v. adjusted to a 6,000 kc/kg NAR basis and not less than 5,850 kc/kg NAR. The minimum cargo size accepted for inclusion in the marker assessment is 50,000 t.

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IHS Markit McCloskey Northwest Europe Steam Coal (5,700kc min) marker
The Northwest Europe Steam Coal (5,700 kc NAR min) marker assesses the price of coal delivered into the ARA hub. The marker reflects the price of the most economic delivered tonne from any origin as long as the material complies with the following specification:

  • 5,700 kc/kg NAR minimum calorific value
  • 1% max sulphur
  • 17% max ash
  • 17% max total moisture
  • 21% to 37% volatile matter

The minimum cargo size accepted for inclusion in the marker assessment is 25,000 t and 25,000 t increments thereafter. The price basis is 6,000 kc/kg NAR.

Due to industry convention, market activity (bids, offers and trades) is often presented as a discount to the DES ARA market for 6,000kc NAR, below 1% Sulphur FOB material, a more actively traded, but slightly different specification or quality in the same market hub. This market is marked by the API2 physical index and consequently market participants commonly price at discounts to this as well as with standard fixed prices.

To present market activity on a fixed price basis to use in the compilation of this marker, reporters will, where appropriate, take the discount and subtract it from corresponding monthly API2 paper values at the time of the physical deal.

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ARA FOB barge marker
The ARA FOB barge marker is an assessment of the price of steam coal delivered FOB onto barges at the ARA ports. It reflects the most economic standard tonne from any origin of standard bituminous material as long as the material’s specification reaches the general European standard, established by IHS Markit in 1991, less than 1% sulphur with prices c.v. adjusted to a 6,000 kc/kg NAR basis and not less than 5,850 kc/kg NAR. The minimum traded volume is one barge of 1,000 t.

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Russia west (Baltic) FOB marker
The Russia west (Baltic) FOB marker is an assessment of Russian FOB prices, c.v. adjusted to a 6,000 kc/kg NAR basis, delivered into vessels at a range of Russian and non-Russian ports in the Baltic in vessels ranging from Handymax to Panamax size. A range of ports is included as physical factors such as winter ice in the Baltic may close some ports. Also other factors such as varying rail freight rates, port charges and cross-border tariffs may make some terminals in the Baltiic less economic than others from time to time.

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Russia east (Vostochny) FOB marker
The Russia east (Vostochny) FOB marker is an assessment of Russian FOB prices for coal delivered into vessels at the Capesize Vostochny port in far east Russia. In determining values, deals done at other far east Russian ports are included in the assessment

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Richards Bay FOB (6,000kc NAR) – Part of API 4
The IHS Markit McCloskey Richards Bay FOB marker is an assessment of the price of coal loaded at the Richards Bay Coal Terminal in South Africa. The McCloskey Richards Bay FOB marker is based on a 1% max sulphur ‘traditional’ South African export quality steam/thermal coal with prices c.v. adjusted to a 6,000 kc/kg NAR basis and not less than 5,850 kc/kg NAR. The minimum cargo size accepted for inclusion in the marker assessment is 30,000 t.

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Richards Bay FOB (5,700kc NAR)
The Richards Bay (5,700 kc NAR min) FOB marker assesses the price of coal out of Richards Bay, South Africa, with the following specifications:

  • 5,700 kc/kg NAR minimum calorific value
  • 1% max sulphur
  • 17% max ash
  • 13% max total moisture
  • 21% minimum volatile matter

The minimum cargo size accepted for inclusion in the marker assessment is 30,000 t. The price basis is 6,000 kc/kg NAR. The marker will be collated by both the Singapore and London offices.

Due to industry convention, market activity (bids, offers and trades) is often presented as a discount to the Richards Bay market for 6,000kc NAR, below 1% Sulphur FOB material, a more actively traded, but slightly different specification or quality in the same market hub. This market is marked by the API4 physical index and consequently market participants commonly price at discounts to this as well as with standard fixed prices.

To present market activity on a fixed price basis to use in the compilation of this marker, reporters will, where appropriate, take the discount and subtract it from corresponding monthly API4 paper values at the time of the physical deal.

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South African FOB (5,500kc NAR)– Part of API 3
The South African 5,500 kc NAR FOB marker assesses the price of typical 5,500 kc/kg NAR material out of South Africa, basis Richards Bay. The price is basis 5,500 kc/kg NAR with the following specifications:

  • 5,300 kc/kg NAR minimum calorific value
  • 24% max ash
  • 1% max sulphur.

Cargoes of 50,000 t and above are included. The price is presented as an absolute value.

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South African (4,800 kc NAR) FOB marker
The South African (4,800 kc NAR) FOB marker assesses the price of typical 4,800 kc/kg NAR material out of South Africa, basis Richards Bay, with the following specifications:

  • 4,600 kc/kg NAR minimum calorific value
  • 1% max sulphur
  • 30% max ash

The minimum cargo size accepted for inclusion in the marker assessment is 50,000 t. The price is basis 4,800 kc/kg NAR.

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Australian FOB (5,500kc NAR) – Part of API 5
The Australian 5,500 kc NAR FOB marker assesses the price of typical high-ash coals exported out of Australia c.v. adjusted to a 5,500 kc/kg NAR basis. The material is 24% max ash, 1% max sulphur, FOB basis Newcastle port. The minimum cargo size accepted for inclusion in the marker assessment is 50,000 t.

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Newcastle FOB (6,000kc NAR) – Part of API 6
The Newcastle FOB marker is an assessment of the price of coal delivered into vessels at the Capesize Newcastle port in Australia over a week. The price is based on a standard Newcastle export quality steam/thermal coal, c.v. adjusted to a 6,000 kc/kg NAR basis. The minimum cargo size accepted for inclusion in the marker assessment is 50,000 t.

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NEX (Newcastle Thermal Coal Export) Index
The Newcastle Export (NEX) marker is a long-standing FOB assessment of the price of coal loaded from Newcastle port in Australia. The price is based on a traditional Newcastle export quality thermal coal, with c.v. adjusted to a 6,322 kc/kg GAR basis.

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IHS Markit McCloskey/Xinhua Infolink South China CFR (6,000kc NAR) marker
The South China CFR (6,000 kc NAR) marker assesses the price for imported coal into South China region, basis Guangzhou, and under 1% sulphur. The minimum cargo size is 50,000 t. The coal being assessed is typically 5,800 kc/kg NAR material which is, published as 6,000 kc/kg NAR to normalise to other international benchmarks.

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South China CFR (5,500kc NAR) – Part of API 8
The South China CFR (5,500 kc NAR) marker assesses the price for imported coal into South China, basis Guangzhou, and under 1% sulphur. The minimum cargo size is 50,000 t.

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IHS Markit McCloskey/Xinhua Infolink South China CFR (4,700 kc NAR) marker
The South China CFR (4,700 kc NAR) marker assesses the price for imported sub-bituminous coal into South China, basis Guangzhou, and under 1% sulphur. The minimum cargo size is 50,000 t.

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IHS Markit McCloskey/ Xinhua Infolink South China CFR (3,800 kc NAR) marker
IHS Markit McCloskey/ Xinhua Infolink South China CFR (3,800 kc NAR) marker The IHS Markit McCloskey/ Xinhua Infolink South China CFR (3,800 kc NAR) marker assesses the price for imported low-rank coal into South China, basis Guangzhou, and under 0.6% sulphur. The minimum cargo size is 50,000 t.

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The Qinhuangdao (Export) FOB marker
Qinhuangdao FOB (Export) marker is an assessment of the export price of coal delivered into vessels at the Capesize port of Qinhuangdao in Northern China. All trades are c.v. adjusted to a 5,800 kc/kg NAR basis and include export duty.

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IHS Markit McCloskey/Xinhua Infolink QHD (6,000 kc NAR) FOB marker
The QHD FOB (6,000 kc NAR) marker assess the price of Chinese coal that is being shipped into the domestic Chinese markets at the port of Qinhuangdao. The coal being assessed is typically 5,800 kc/kg NAR material which is, published as 6,000 kc/kg NAR to normalise to other international benchmarks.

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IHS Markit McCloskey/Xinhua Infolink QHD (5,500 kc NAR) FOB marker
The QHD FOB (5,500 kc NAR) marker assess the price of Chinese coal that is being shipped into the domestic Chinese markets at the port of Qinhuangdao.

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IHS Markit McCloskey/Xinhua Infolink QHD (5,000 kc NAR) FOB marker
The QHD FOB (5,000 kc NAR) marker assess the price of Chinese coal that is being shipped into the domestic Chinese markets at the port of Qinhuangdao. The price is also prorated and published on a 4,700 kc/kg NAR basis in line with the Indonesian sub-bituminous FOB marker.

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Indonesian (6,000 kc NAR) FOB marker
Assesses coals exported out of East and South Kalimantan in gearless vessels, c.v. adjusted to 6,000 kc/kg NAR and with load rates of 20,000 t/day.

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Indonesian (5,500 kc NAR) FOB marker
Assesses coals exported out of East and South Kalimantan c.v. adjusted to 5,500 kc/kg NAR and with load rates of 20,000 t/day.

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IHS Markit McCloskey Indonesian sub-bituminous FOB marker
Assesses sub-bituminous coals with a minimum c.v of 4,500 kc/kg NAR exported out of East and South Kalimantan. It is c.v. adjusted to 4,700 kc/kg NAR and with load rates of 15,000 t/day. The loading points are constrained to those that can load Panamax vessels or larger. However, the minimum cargo size is 50,000t. The 4,700 kc/kg NAR price basis typically converts to 5,000 kc/kg GAR.

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Indonesian (4,200 kc GAR) FOB marker
Assesses the export price of sub-bituminous coals shipped out of East and South Kalimantan in geared vessels and c.v. adjusted to 4,200 kc/kg GAR. The Indonesian 4,200 kc/kg GAR price basis typically converts to 3,800 kc/kg NAR.

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Indonesian (3,800 kc GAR) FOB marker
Assesses the export price of sub-bituminous coals shipped out of East and South Kalimantan in geared vessels and c.v. adjusted to 3,800 kc/kg GAR.

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IHS Markit McCloskey Indonesian (3,400 kc GAR) FOB marker
The IHS Markit McCloskey Indonesian (3,400 kc GAR) FOB marker assesses the export price of coals shipped out of East and South Kalimantan in geared vessels. The Indonesian 3,400 kc/kg GAR price basis typically converts to 3,000 kc/kg NAR.

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The India east coast CFR (4,200 kc GAR) marker
The India east coast CFR (4,200 kc GAR) marker assesses the price for imported sub-bituminous coal into the east coast of India, basis Krishnapatnam, under 0.6% sulphur. The assessment is for geared and grabbed vessels of 50,000 t or above. CV typically converts to 3,800 kc NAR.

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India east coast CFR (5,000 kc GAR) marker
The India east coast CFR (5,000 kc GAR) marker assesses the price for imported sub-bituminous coal into the east coast of India, basis Krishnapatnam, under 1% sulphur. The assessment is for gearless vessels of 50,000 t and above. CV typically converts to 4,700 kc NAR.

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Indian CFR (5,500kc NAR) East & West coast – Part of API 12
The India east coast CFR (5,500 kc NAR) marker assesses the price for imported sub-bituminous coal into the east coast of India, basis Krishnapatnam, under 1% sulphur. The assessment is for gearless vessels of 50,000 t and above.

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India west coast markers
The India west coast makers are currently calculated using the c.v. equivalent east coast markers and adjusting the final number using a freight differential based on the most economic route from the most competitive origin. Assessments are basis Mundra.

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Colombia FOB marker – Part of API 10
The Colombia FOB marker assesses Colombian FOB prices using the Capesize Bolivar port as the exit point. Other Colombian trades from non-Bolivar Capesize ports are included in the assessment and evaluated to a Bolivar basis. All prices are c.v adjusted to a 6,000 kc/kg NAR basis. The material is 1% or less sulphur, min c.v. of 5,750 kc/kg NAR and the min cargo size for index-setting trades is 50,000 t.

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US east coast FOB marker
The US east coast FOB marker assesses the price of typical coals exported out of the US east coast, c.v. adjusted to a 6,000 kc/kg NAR basis and with a min. c.v. of 5,850 kc/kg NAR, max 1% sulphur, FOB basis Hampton Roads.

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US Gulf FOB marker
The US Gulf FOB marker assesses the price of typical coals exported out of the US Gulf, c.v. adjusted to a 6,000 kc/kg NAR basis. The material has a min. c.v. of 5,850 kc NAR, max 3% sulphur, FOB basis New Orleans.

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NAPP FOB Rail marker
The NAPP Rail FOB marker assesses the price of typical coal from the Pittsburgh 8 seam, c.v adjusted to a 12,900 btu/lb GAR basis. The material has a min. c.v. of 12,500 btu/lb GAR, max 4.0 #SO2/mmBtu, and is loaded FOB Rail Car. The assessment covers fixed price physical business for loading over a three month period. The NAPP 12,900 btu/lb GAR price basis typically converts to 6,900 kc/kg NAR, with the max 4.0 #SO2/mmBtu typically converting to 3% max sulphur.

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NAPP FOB Barge marker
The NAPP Barge FOB marker assesses the price of typical coal from the Pittsburgh 8 seam, adjusted to a 12,500Btu/lb GAR basis. The material has a min. c.v. of 12,200 btu/lb GAR, max 6.0 #SO2/mmBtu, and is loaded in the Upper Ohio River FOB Barge MP 0.5. The assessment covers fixed price physical business for loading over a three month period.

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ILB FOB Rail marker
The ILB Rail FOB marker assesses the price of typical coal from the Illinois Basin, c.v. adjusted to an 11,500Btu/lb GAR basis. The material has a min. c.v. of 11,200Btu/lb GAR, max 3% sulphur, and is loaded FOB Rail Car. The assessment covers fixed price physical business for loading over a three month period.

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ILB FOB Barge marker
The ILB Barge FOB marker assesses the price of typical coal from the Illinois Basin, c.v. adjusted to 11,500 btu/lb GAR basis. The material has a min. c.v. of 11,200 btu/lb GAR, max 3% sulphur, and is loaded FOB Barge Lower Ohio River MP 828. The assessment covers fixed price physical business for loading over a three month period.

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USGVC mid-sulphur petcoke FOB marker
The USGVC mid-sulphur petcoke FOB marker is a weekly assessment of US Gulf/Caribbean/Venezuela FOB material with 4.0-5.5% sulphur content delivered in Handysize vessels or larger. Deals are assessed on a 7,500 kc/kg NAR basis. Typical HGI is 45-50.

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USGVC high-sulphur petcoke FOB marker
The USGVC high-sulphur petcoke FOB marker is a weekly assessment of US Gulf/Caribbean/Venezuela FOB material with 5.5-7.0% sulphur content delivered in Handysize vessels or larger. Deals are assessed on a 7,500 kc/kg NAR basis. Typical HGI is 45-50.

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