As a major energy commodity, coal holds an important position in the global energy consumption structure. Currently, the world’s primary coal-derived products include the thermal coal futures launched by the Zhengzhou Commodity Exchange and the series of coal futures and options derivatives offered by the Chicago Mercantile Exchange.

　　CME Group owns 3 Coal futures covering the Asian market

　　Argus and IHS McCloskey A series of announcements has been released. API Index, globally accounted for 90% All coal-derived product transactions are settled based on this index. Argus and... IHS McCloskey Yu 2012 Launched annually API5 ( 5500 Big card FOB Newcastle) and API8 ( 5500 Big card CFR South China) Index. Both benchmarks are regarded as 5500 The big coal market truly reflects Australia’s supply conditions as well as China’s spot demand situation. The CME Group… 2012 Year 9 Launched monthly API8 Futures, 2013 Year 6 Launched monthly API5 Futures.

　　Another point worth mentioning is the Indonesian sub-bituminous coal index, which is— IHS McCloskey Indonesian sub-bituminous coal benchmark prices, which are crucial to the Asian market. FOB Indonesian seaborne coal trade routes are becoming transparent. CME Group since... 2011 Year 1 The month has already launched Indonesian sub-bituminous coal ( Indo ) Relevant contracts. Futures based on trading of all three indices are available at CME ClearPort Carry out liquidation.

　　Global coal market

　　From 2008 Year to 2011 In recent years, the global coal market has remained relatively robust, with thermal coal prices reaching... 200 U.S. dollar / A high of tons. Many coal companies around the world have undertaken expansion efforts. However, prices have plummeted since then, and currently trade at approximately: 75 U.S. dollar / Tons—apparently, the market is in a state of oversupply. To make matters worse for coal mining companies, shale gas is becoming increasingly attractive as a cheaper energy alternative. The latest technologies are boosting the efficiency of shale gas production while also making its costs more competitive.

　　The data shows that, 2013 For most grades of coal, production profits have already turned negative. However, coal miners—especially those in the U.S.—seem reluctant to cut production and continue exporting instead. This may be due to the fact that the U.S. is... 2012 Year and 2013 Due to the high accumulated coal inventory over the year.

　　At 2014 In the first two months of the year, the U.S. coal market appeared to show some signs of improvement. The U.S. economy is gradually strengthening, and the exceptionally cold winter has also helped boost domestic coal consumption. However, China’s coal imports have still slowed somewhat. As China’s rail transportation capacity improves, coal production is gradually being released. Over time, this could exacerbate the current global oversupply situation.

　　2013 Last year, Asia accounted for the share of South Africa's coal shipments. 75% Atlantic Ocean (600558, Stock forum ) The market and the Asian market for South Africa 6000 Demand for large-coal coal is relatively low. China and India seem to prefer supplies from Indonesia and Australia, which are insufficient. 6000 Low-cost materials from Daka.

　　2013 Year No. 4 Quarterly, power coal delivered to Northwest Europe ( API2 ) The average price of the product is 84 U.S. dollar / ton, FOB Richards Bay, South Africa API4 ) The average price of the product is 80 U.S. dollar / ton. Both are currently at 75 U.S. dollar / Traded at around a ton.

　　The Asia-Pacific region is a hub for coal imports and exports.

　　Of the global coal export volume, 58% It's from Australia and Indonesia.

　　Two-thirds of all imported coal flows into Asia, with China, Japan, and South Korea accounting for roughly half of the global import volume. 20 Century 90 In the past, China was one of the world’s top six coal-exporting countries. However, with the rapid development of its infrastructure, China has now become the world’s largest coal-importing country, accounting for a significant share of all seaborne coal imports. 23%。

　　According to IEA Data, 2012 Global coal demand grows annually. 1.7 Hundreds of millions of tons—almost all of the growth came from China.

　　The uses of coal in China

　　Like the United States, coal in China is primarily used for power generation. Electricity prices in China are regulated. The National Development and Reform Commission strictly controls both retail electricity prices charged to consumers and the tariffs paid to coal-fired power plants. On the other hand, the government’s control over coal prices is relatively mild, leaving more room for coal prices to fluctuate in line with market rates. However, since electricity prices are fixed while coal prices are somewhat volatile, this mismatch distorts the revenue and costs of domestic power plants. If coal prices rise, power plants cannot pass on these increased costs to customers by raising electricity prices. For example, in... 2011 This year, China's electricity demand has grown. 12% However, the rise in coal prices has led to losses for many power generators. 2012 Year, electricity demand decreases. 5% However, coal prices have also fallen. Although electricity demand is growing more slowly, large power plant owners can still achieve solid profits.

　　Not only are power plants struggling to control their cost and revenue structures, but many coal mines have already become outdated, and upgrading them or making them more efficient would entail substantial costs. China has... 1 With regard to the thousands of small, local coal mines, the government is opening up the coal mining sector to foreign investors in an effort to consolidate its outdated mines and modernize them.