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Coal Market and Trading Programme

ICE Education
Course summary
2 days
1,600 GBP excl. VAT
Next available date: 02/12/2020 - London
Professional Training

Course description

Coal Market and Trading Programme

This intensive and interactive course focuses on how the international coal markets are developing. The course identifies the price risks involved and the use of OTC and exchange traded instruments in managing these risks. You will explore both the physical and paper markets and review the different trading procedures available and the profiles of different participants in the market.

Suitability - Who should attend?

Anyone who is affected by the changes in the international price of coal

  • Energy industry personnel working in supply, trading, risk management, refining, finance, transport, exploration and production
  • Coal trading and distribution companies
  • Energy-related government departments and regulators
  • Purchasing, planning, and finance departments in major energy consumers
  • Energy publications
  • Bankers, accountants, auditors and others associated with energy companies and energy financing

Training Course Content

Day 1

Session I

Introduction and the physical coal market

  • Coal varieties and qualities
  • Main steam coal producers, importers and exporters
  • Steam coal physical flows and evolution


Trading the physical coal market

  • The commoditisation of physical thermal coal
  • SCoTA: Overview and role
  • Current physical coal trading instruments and trends
  • Prospects for product development

Session III

The steam coal derivatives market

  • Main products traded: history, trading volumes
  • Definition and methodology of main indices and futures
  • Market structure: principals, brokers, exchanges
  • New products recently launched

Session IV

Coal derivatives trading examples

  • Practical usage of derivatives for suppliers, end users, traders
  • Hedging and arbitrage
  • Trading strategies - Group Based Activity

Day 2

Session I

Clearing and the coal market

  • The credit crisis and the benefits of clearing for the coal market
  • Cleared coal volume trends
  • The clearing process and its participants: exchange, clearing house, clearing members
  • How does an ICE cleared transaction differ from an OTC trade?
  • Cash flow illustration
  • Potential pitfalls to avoid

Session II

Forward curve and price forecast

  • Difference between forward curve and price forecast
  • The different shapes of forward curve: contango vs backwardation
  • Historical coal forward curves and links with the physical market
  • Trading the forward curve: Group Based Activity

Session III

Introduction to financial options in the coal market

  • Status of the option market: historical volumes, types of options
  • Example of call and put options
  • Live demonstration of the Black Scholes model
  • Application to the physical market

Session IV

Introduction to other commodities directly relevant to coal trading

  • The physical dry freight market: vessel size, and pricing
  • Main dry commodity flows: iron ore, coking coal, grains
  • The financial freight market: indices and market structure (principals, brokers, exchanges).
  • Emissions certificates, dark-spreads and spark-spread

About provider

Intercontinental Exchange

Intercontinental Exchange - Open Courses in Commodities and Financial Markets

Intercontinental Exchange's diverse markets span futures and options on interest rates, commodities, indexes and FX, as well as equities and equity options. These markets are relied upon by international market participants, along with our post-trade infrastructure. ICE is uniquely positioned...

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Contact info

ICE Education

5th Floor, Milton Gate, Chiswell Street
EC1Y 4SA London

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Average rating 4.8

Based on 4 reviews

Anonymous - Corporate Client
It was a very good and informative course
Anonymous - Corporate Client
I very much enjoyed the section on Options. The worked examples were interesting and useful to consolidate what we’ve just been through
Anonymous - Corporate Client
The general overview of the coal industry, terminology, timelines etc. was great
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Course rating
Based on 4 reviews
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