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The relativities are calculated using a regression analysis of transaction prices for the various brands as well as assessments provided by and collected from market participants where appropriate over the preceding two months, and are expressed as a percentage relative to the Steel First indices.
Please note that the table represents an average of relativities over the past two months, rather than that on the last working day of the month.
Relativities on a cfr China basis are different from those on an fob Australia basis due to different value-in-use observed in different markets.
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The table below shows the monthly relativities for Steel First’s premium hard coking coal and hard coking coal indices as at July 31.