Richards Bay coal is coal shipped at the Richards Bay terminal in South Africa, the largest export coal terminal in the world, with a design capacity of 91 million tons annually.
Richards Bay coal futures are traded at the ICE Europe under ticker symbol AFR. Contract size is 1,000 tons quoted in US dollars and cents per ton. Contract is financially settled based in coal loaded at the Richards Bay terminal in South Africa. It is cash settled against API 4 as published in the Argus/McCloskey Coal Price Index Report. The API 4 index is the benchmark price for coal exported out of South Africa’s Richards Bay terminal. It is calculated as an average of the Argus fob Richards Bay assessment and McCloskey’s fob Richards Bay marker.
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