Argus/Coalindo

Indonesian Coal Index Report

Weekly average ICI* prices Issue 020 Friday 16 May 2014

Indonesian Coal Indices incorporating assessments by Argus Media and PT Coalindo**

Grade (kcal) Price(US$/t)
ICI 1 (Indonesian 6,500 GAR / 6,200 NAR) 77.58
ICI 2 (Indonesian 5,800 GAR / 5,500 NAR) 69.10
ICI 3 (Indonesian 5,000 GAR / 4,600 NAR) 56.05
ICI 4 (Indonesian 4,200 GAR / 3,800 NAR) 37.80
ICI 5 (Indonesian 3,400 GAR / 3,000 NAR) 25.27

Monthly ICI averages

Feb Mar Apr
ICI 1 80.41 78.32 77.44
ICI 2 70.13 68.41 67.95
ICI 3 57.12 56.30 55.67
ICI 4 38.83 38.19 37.42
ICI 5 26.51 25.63 25.30

Specifications  FOB Kalimantan, per tonne

Timing Sulphur Ash TM Size
ICI 1 in 90 days up to 1% up to 12% up to 12% Panamax
ICI 2 in 90 days up to 0.8% up to 10% up to 18% Panamax
ICI 3 in 90 days up to 0.6% up to 8% up to 30% Panamax
ICI 4 in 90 days up to 0.4% up to 6% up to 40% Mother vessel
ICI 5 in 90 days up to 0.2% up to 4% up to 50% Mother vessel

ICI 2 differential to Argus fob Richards Bay $/t ICI 2 differential to Argus fob Newcastle $/t
0 0
Argus fob Richards bay = 0 Argus fob Newcastle = 0

-5 -5

hh hh
-10 -10

-15 -15
03 Jan 14 14 Feb 14 28 Mar 14 09 May 14 03 Jan 14 14 Feb 14 28 Mar 14 09 May 14

Additional information about the underlying assessments used to produce the ICI can be obtained from
the publishers.
Argus Media (London)...........................+ 44 20 7780 4200
Argus Media (Singapore)......................+ 65 6496 9966
PT Coalindo............................................+ 62 21 3001 2490
*ICI is a trademark of Argus Media Limited and PT Coalindo.
** Argus and Coalindo methodologies appear on page 2.
Reproduction, scanning into an electronic retrieval system or copying to a database is strictly prohibited
without the written permission of the publisher. Published weekly. Supplied under licence.

Page 1 of 2 Copyright © 2014 Argus Media Ltd

Argus/Coalindo Indonesian Coal Index Report Issue 020 Friday 16 May 2014

Argus/Coalindo ICI 1 Argus/Coalindo ICI 2

76
90

74

85
72

-- 70 --
80

68

75 66
JUN-13 AUG-13 OCT-13 DEC-13 FEB-14 APR-14 JUN-13 AUG-13 OCT-13 DEC-13 FEB-14 APR-14

Argus/Coalindo ICI 3 Argus/Coalindo ICI 4

61 40

60

59 39

58
-- --
57 38

56

55 37
JUN-13 AUG-13 OCT-13 DEC-13 FEB-14 APR-14 DEC-13 JAN-14 FEB-14 MAR-14 APR-14 MAY-14

Methodologies
The Indonesian Coal Indices are derived from a 50/50 average of assessments by Argus Media and the panel submissions collated by Coalindo.

Argus Media Ltd

Argus Media’s contribution to the ICI represents Argus’ assessed price on the last working day of each week. A schedule of publication is available from Argus Media.
The Argus team of specialist market reporters contacts a wide cross section of coal market participants by telephone, instant messenger and via email. A balance is
maintained in this survey between sellers of physical coal, utility buyers, trading companies and broking companies.
The market reporters/analysts record the transactions that are reported and verify all data. They then construct a volume weighted average of the transaction prices that meet
the assessment criteria listed in the specification above. Transactions within the specifications above will influence the final assessment.
Participants in the market survey are also asked where they see the level of prices in the market and, if applicable, if they have received or made any firm bids and/or offers
for coal. Argus market specialists then assess the price of the specified grades of coal using all verified information.
Information on transactions and offers that lie outside the specifications may be taken into account but information that lies within the listed specifications of the assessment
will be given most weight. Prices on electronic trading platforms may be used as indicators of prevailing market prices, provided they meet all relevant specifications. For
more information, go to www.argusmedia.com

PT Coalindo Energy /Coalindo

The Coalindo panels are comprised of a number of members balanced between representatives of coal producers, coal consumers, coal market intermediaries (traders and
brokers).
Every week - on the last working day of the week at 15:00 PM Jakarta time - the panel members will submit to Coalindo their views of the market price of Indonesian coal.
These price submissions must represent the value of deals actually known to be done by the panelists or the value at which a deal could be done in the free and open market
for delivery over the next 90 days.
These submissions will be subject to review by Coalindo and its representatives to ensure that they are reliable and representative of the prompt spot market. Coalindo and its
representatives may use a variety of means to ensure the reliability of the panel submissions, including but not limited to:
• Excluding any submissions that are more than 20% higher or lower than inputs that were used in previous weeks accepted panel submissions,
• Excluding any submissions that are more than 10% higher or lower than the previous weeks ICI price for a given grade after it is adjusted to account for moves in other
regional markets ,
• Other tests determined by Coalindo to be appropriate and proper to ensure accuracy.

Once these tests have been performed, the top and bottom 10% of submissions are eliminated and the remaining submissions are averaged. The remaining submissions are
then averaged for each grade assessed. Coalindo averages are then averaged with the corresponding Argus assessments to produce the ICI numbers.

Argus/Coalindo Trademark notice Publisher Customer support and sales

Indonesian Coal Index Report ARGUS, ARGUS MEDIA, the ARGUS logo, Adrian Binks email: support@argusmedia.com
is published by ARGUS/Coalindo Indonesian Coal Index Report,
Argus Media Ltd. Chief operating officer Singapore Tel: +65 6496 9966
other ARGUS publication titles and ARGUS index
names are trademarks of Argus Media Ltd. Neil Bradford London, UK Tel: +44 20 7780 4200
Registered office: Argus House, Global compliance officer Astana, Kazakhstan Tel: +7 7172 54 04 60
175 St John St, London, EC1V 4LW Visit www.argusmedia.com/trademarks for more Jeffrey Amos
Tel: +44 20 7780 4200 information. Beijing, China Tel: + 86 10 6515 6512
Fax: +44 870 868 4338 Commercial manager Dubai Tel: +971 4434 5112
email: sales@argusmedia.com Disclaimer Jo Loudiadis
ISSN 2049-8179 The data and other information published herein Moscow, Russia Tel: +7 495 933 7571
(the “Data”) are provided on an “as is” basis. Argus Editor in chief
Copyright notice Ian Bourne Rio de Janeiro, Brazil Tel: +55 21 3514 1450
makes no warranties, express or implied, as to the
Copyright © 2014 Argus Media Ltd. All rights reserved. accuracy, adequacy, timeliness, or completeness of Managing editor, Global Tokyo, Japan Tel: +81 3 3561 1805
By reading this publication you agree that you will not the Data or fitness for any particular purpose. Argus
copy or reproduce any part of its contents (including,
Cindy Galvin Houston, US
shall not be liable for any loss or damage arising from Tel: +1 713 968 0000
but not limited to, single prices or any other individual any party’s reliance on the Data and disclaims any and Editor: Abdul Hadhi
items of data) in any form or for any purpose whatsoever all liability related to or arising out of use of the Data Tel: +65 6496 9994 New York, US
without the prior written consent of the publisher. to the full extent permissible by law. coal@argusmedia.com Tel: +1 646 376 6130

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