PRICING NOTICE: Proposal to launch low-vol PCI indices

Metal Bulletin proposes to launch two low-vol pulverized coal injection (PCI) indices on a cfr China and fob Australia basis.

Following market feedback on the need for credible reference prices, Metal Bulletin is today proposing to launch two new PCI indices – Metal Bulletin low-vol Index PCI cfr China and Metal Bulletin low-vol Index PCI fob Australia.

The proposed specification is as below:

Name: Metal Bulletin Low-Vol PCI Index
Location: Cfr China and Fob Australia
Timing: Daily 
Currency: US $ per tonne
Payment Terms: LC on sight
Volatile Matter: 13%
Ash: 9%
Sulphur: 0.5%
Phosphorous: 0.1%
Total Moisture: 10%
Quantity: Minimum 10,000 tonnes
Publication: 6.30pm Singapore time

The proposed frequency of publication is daily. Metal Bulletin will use transactions as well as non-transaction data, including bids, offers and assessments, as data points for the index calculation.

As with Metal Bulletin’s other coking coal indices, actual trades will be assigned the maximum tonnage weighting in the calculation of the index.

The published index figure will be the straight average of two sub-indices, each of which contain data from either the buy side or sell side of the market. Each sub-index will be a tonnage-weighted calculation of normalized price data. Only the final indices will be published. The use of two sub-indices means that each part of the market has a maximum 50% weighting in the final indices.

Published fallback procedures may be used in the event that a data set is not considered suitably robust for the calculation of a particular index.

The consultation period for this proposed amendment will end one month from the date of this pricing notice on September 9, 2018, with changes taking place from September 10, 2018.

Metal Bulletin has no financial interest in the level or direction of these indices.

To provide feedback on this price index or if you would like to provide price information by becoming a data submitter to these indices, please contact Deepali Sharma by email at: Please add the subject head “FAO: Deepali Sharma, re: Metal Bulletin PCI Index”.

To see all Metal Bulletin’s pricing methodology and specification documents, go to