SciELO - Scientific Electronic Library Online

 
vol.110 número10Thermal coal products in South AfricaA comparison of the processes used during the development of the national mineral policies of Tanzania and Namibia índice de autoresíndice de materiabúsqueda de artículos
Home Pagelista alfabética de revistas  

Servicios Personalizados

Articulo

Indicadores

Links relacionados

  • En proceso de indezaciónCitado por Google
  • En proceso de indezaciónSimilares en Google

Compartir


Journal of the Southern African Institute of Mining and Metallurgy

versión On-line ISSN 2411-9717
versión impresa ISSN 0038-223X

Resumen

STEYN, M.  y  MINNITT, R.C.A.. Pricing of South African thermal coal exports. J. S. Afr. Inst. Min. Metall. [online]. 2010, vol.110, n.10, pp.601-609. ISSN 2411-9717.

Until 2000, pricing involved profit taking and cost covering combined with limited global published information. Market information was mostly subjective in nature and large resource companies benefited exclusively from aggregated company information and data. The market constituted producers and consumers only. The nineties saw massive cost cutting drives and re-engineering initiatives and this underwrote the structural changes evident in the late 1990s' economy. This supported South African producers on the international FOB cash cost curve, and ensured profitable coal mining operations. As the debate on relative scarcity of fossil fuels ensued, producers and buyers looked to the developing terminal coal market for direction. The much needed direction was provided when the API coal indices were developed and derivative trading was embraced to include financial institutions, trading houses and hedge funds. The liquidity of coal trades increased rapidly and vastly and market information became obtainable on a daily basis. Interpretation of current and future coal prices became available to all market players and contributed to the sophistication of the market that is now able to participate in risk management of prices, capital expenditure and brownfield developments.

Palabras clave : Thermal coal markets; supply-demand balance; aggregate supply; price strategy; transparency; volatility; market share; stockpiles; risk management; derivative trading; marketing indices.

        · texto en Inglés     · Inglés ( pdf )

 

Creative Commons License Todo el contenido de esta revista, excepto dónde está identificado, está bajo una Licencia Creative Commons