缓解煤炭合约信用风险策略.pptVIP

Can take one second to transact - boom * Asia * * A 125 year old price majeure The very first issue of The Financial Times newspaper in February 1888 ran a front page story titled “Speculation in Copper,” which reported a High Court case to hear a dispute over non-performance of a contract after prices spiked. The defendant had contracted to deliver 25 tons of copper at 41 pounds and 5 shillings but would not do so because the price had nearly doubled by the time delivery became due. The court ordered the defendant to pay the price difference to the buyer. * * A clear contract identifies areas of weakness, areas of risk and prepares you for legal action * Index diff – down to diff del point, quality etc Colombian has no index but trades API#2 – C7 +/- XX * Suppliers which sold huge tonnages to Chinese utilities directly or to traders but sold against an index, had a tiny fraction of the difficulties or disputes faced by fixed-price sellers when the absolute price dived. The larger Chinese utilities and trading firms are more willing to buy against an index now, having learned themselves from the shocks of 2012 and because they want long-term secure supply. * * globalCOAL’s NEWC index has been used by producers and traders to price Australian, Indonesian and Russian coal in the Asian markets for several years But rapid urbanisation has led to a dramatic increase in coal consumption in the Asia Pacific market, and the large volume of coal trading in China makes it imperative that a China-specific index is developed which meets both Chinese and international players’ needs globalCOAL will soon launch CFR South China contracts in Q3 for 5,500 kc/kg and 6,000 kc/kg coal, which will cover a wide range of origins currently shipped into China, reflecting the two-tier standard and high-ash content market which has developed. * * Trading coal CFR China on globalCOAL’s screen will bring much-needed transparency and ease of access to trade with a wider range of counter