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TSI Coking Coal Indices Form Basis of New Singapore Exchange Derivatives

The Steel Index (TSI)-Based Coking Coal Futures and Swaps Launched Today

SINGAPORE, Aug. 3, 2014 /PRNewswire/ -- The Singapore Exchange (SGX) is utilizing The Steel Index (TSI)'s daily coking coal price indices published by Platts, a leading global provider of energy, metals and commodities information, as the settlement basis for its metallurgical coal futures and swaps contracts launched today.

"The steelmaking industry and the marketplace benefit from more information and we're pleased to be an independent source of physical price references for the spot and futures markets," said Tim Hard, TSI director for Asia.

The Singapore Exchange's two new TSI-based contracts are:  

  • SGX TSI Australia Premium Coking Coal Futures and Swaps, reflecting the value of coal used in steel making as free on board (FOB) in East Coast Australian ports
  • SGX TSI China Premium Coking Coal Futures and Swaps, reflecting the value of coal used in steel making as delivered to Jingtang port in China on a cost and freight (CFR) basis.

In its July 10 announcement of the derivatives contracts and the choice of TSI indexes as the basis for settlement, SGX said it was "addressing the market's needs for more effective risk management solutions on commodities."

The TSI price index - Premium JM25 Coking Coal (CFR Jingtang Port China) – on which the SGX futures and swaps contracts for Chinese imports will be settled and TSI's Premium Coking Coal (FOB East Coast Port Australia) price index, the basis of the other SGX futures and swaps contracts, have data histories from January 2013.  

With today's launch, TSI physical price benchmarks are now the basis for settling SGX commodity contracts for steel, iron ore and coking coal. On March 26, TSI's daily spot ASEAN Hot Rolled Coil (HRC) Imports price index became the basis of SGX's steel futures and derivatives contracts. Since 2009, TSI's Iron Ore 62% Fe fines price index has been the basis for settling and clearing SGX iron ore derivatives. 

TSI, a unit of Platts since 2011, is a leading specialist source of impartial steel, scrap, iron ore and coking coal price information based on spot market transactions. Founded in 1909, Platts is a leading global provider of energy, petrochemical, metals and agriculture information and benchmark price references.

For more details on the methodology underpinning the TSI coking coal price indexes, visit https://www.thesteelindex.com/en/procedures-methodology/.

In addition to SGX, other exchanges feature TSI-based steel or scrap derivatives contracts: LCH.Clearnet, a leading multi-asset class, multi-national clearing house for exchanges and over-the-counter markets; and, CME Clearing Europe, an independent European clearing house. In all cases, settlement prices are the averages of TSI's reference prices published in the expiring month.

Published on a daily basis, the TSI metallurgical coal indexes appear in email price reports and online within the TSI Price Analyzer via subscription to TSI's Global and Coking Coal Services.

For more information on TSI, visit the website at https://www.thesteelindex.com. For more information on Platts, visit www.platts.com.

*Platts and its TSI unit do not sponsor, endorse, promote or sell SGX contracts.

About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets.  Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency.  Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets.  A division of McGraw Hill Financial (NYSE: MHFI), Platts is based in London with more than 1000 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com.

About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI), a financial intelligence company, is a leader in credit ratings, benchmarks and analytics for the global capital and commodity markets. Iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power and McGraw Hill Construction. The Company has approximately 17,000 employees in 29 countries. Additional information is available at www.mhfi.com.

CONTACT: Kathleen Tanzy, 212-904-2860, [email protected]

SOURCE Platts

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