ICE Europe: AFR API4 Richards Bay Coal Futures prices chart
API4 Richards Bay Coal Futures (ICE Futures Europe: AFR) Contract Specifications
ICE = Intercontinental Exchange, Inc.
Contracts are financially settled based upon the price of coal loaded at the Richards Bay Coal Terminal in South Africa. The contract is cash settled against the API 4 Index published in the Argus/McCloskey Coal Price Index Report.
Trading Screen Product Name: Richards Bay Coal Futures
Trading Screen Hub Name: Richards Bay
Product Code:
(1) Contract Symbol: AFR, MIC Code: IFEU, Clearing Venues: ICEU (2) Clearing Admin Name: ICE Coal Rbay, Physical: AFR, Logical: AFR, GMI (FC): PL, ION A.C.N.: NN90, Symbol Code: AFR
Unit of Trading: 1,000 metric tonnes of thermal coal
Contract Size: 1,000 metric tonnes per contract month
Minimum Trading Size: 1 lot = 1,000 metric tonnes
Minimum Block Order: 5 lots = 5,000 metric tonnes
Quotation: The contract price is in US Dollars and in US Dollar Cents per tonne
Minimum Price Fluctuation: 5 Dollar Cents per tonne
Tick Value: Contract Size x Minimum Trade Size x Minimum Price Flux
Maximum Price Fluctuation: There are no limits.
Settlement Price: The weighted average price of trades during a ten-minute settlement period from 16:05 to 16:15, London Local Time. If there is low liquidity during this time, Quoted Settlement Prices (QSPs) will be used to establish the settlement price.
Position Limit: Positions are reported to the Exchange on a daily basis. The Exchange has powers to prevent the development of excessive positions or unwarranted speculation or any other undesirable situation and may take steps to resolve such situations including the ability to mandate members to limit the size of such positions or to reduce positions where appropriate.
Initial Margin: Calculated on all open contracts, initial margin is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing out a position in default. It is returned upon the closing of the position, or at expiry, with interest.
Daily Margin: All open contracts are 'marked-to-market' daily, with variation margin being called for as appropriate.
Delivery/Settlement Terms: The ICE Richards Bay Coal Futures Contract is cash-settled at an amount equal to the monthly average API 4 Index as published in Argus/McCloskey's Coal Price Index Report.
Trading Period: Up to Up to 84 consecutive month contracts.
(1) 25-28 consecutive quarters.
Quarters are strips of three individual and consecutive contract months. Quarters always comprise a strip of Jan-Mar, Apr-Jun, Jul- Sep or Oct-Dec.
(2) 6 consecutive seasons.
Seasons are strips of six individual and consecutive contract months. Seasons always comprise a strip of Apr-Sep or Oct-Mar.
(3) 6 consecutive years.
Years are strips of twelve individual and consecutive contract months comprising Jan - Dec.
(4) Months, quarters, seasons, and calendars are listed in parallel. Upon expiry of a December monthly contract an additional 12 months, four quarters, and one calendar year are added.
Expiration Date: Trading will cease at 17:00 on the day of expiry of the delivery month, quarter, season, or calendar as applicable.
Contract Security: ICE Clear Europe acts as central counterparty to all trades thereby guaranteeing the financial performance of ICE Futures Europe contracts registered in the name of its Members up to and including delivery, exercise and/or settlement.
Trading Model: Continuous trading throughout trading hours
Trading Methods: Electronic futures, Exchange for Physical (EFP), Exchange for Swap (EFS) and Block Trades are available for this contract.
Trading Hours:
New York 20:00 - 18:00 (Pre open: 19:55)
London 00:00 - 22:00 (Pre open: 23:55)
Singapore 08:00 - 06:00 (Pre open: 07:55)