PCI at BBM is far superior to Aussie PCI, Lower ash, lower sulphur, lower moisture and far higher heating value as it is actually semi-anthracite. The big difference is that Aussie coal has 30 times the phosphorus which is detrimental to steel, it makes steel brittle.
Platts have said 10% premium to Aussie PCI but in reality it is 25% better. Market will re-rate after enters market.
So difficult to find PCI price but 1 tonne of PCI relaces 0.8 tonnes of HCC so just use 75 to 80% of HCC price.
BBM HCC has some great properties. Half ash, low sulphur, low moisture, high CV, Low volatiles, Ultra, ultra-low phosphorous, 92% vitrinite.
These would suggest 20% premium to Premium HCC.
However, not that simple and not that good. Critical factor for coking coal is CSR. Aussie premium coals (Peak Downs/Goonyella) are above 70 but BBM is more like CSR 50. (TBAR and bit higher). This means that the BBM coke is more brittle and by itself would not adequately support the load in the blast furnace. So it will be part of a blend as are all coking coals.
This low CSR discounts the price and balances out the positives and suggests a price equal to the premium HCC price.
Platts placed a value of Premium HCC price less 10%. This is fair enough.
So in Maruwai Basin, Lampunut Mine, BHP had secured 8% premium to Premium HCC (Goonyella) on sales to India.
Lampunut quality is marginally better than BBM quality. So 10% discount for BBM is fair.
So in summary:
BBM HCC should fetch 10% discount to Premium HCC
BBM PCI should fetch 10% premium to Aussie PCI but has a higher value.
Do your own research
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