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ICE Futures Europe

API4 Richards Bay Coal Futures



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.

Market Specifications

Trading Screen Product Name
Richards Bay Coal Futures
Trading Screen Hub Name
Richards Bay
Contract Symbol
[Edit this field]
Contract Series
Up to 84 consecutive month contracts.

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.

6 consecutive seasons.
Seasons are strips of six individual and consecutive contract months. Seasons always comprise a strip of Apr-Sep or Oct-Mar.

6 consecutive years.
Years are strips of twelve individual and consecutive contract months comprising Jan - Dec.

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.
Contract Size
1,000 metric tonnes per contract month
Unit of Trading
1,000 metric tonnes of thermal coal
Minimum Trading Size
Futures: 1 lot = 1,000 metric tonnes
Block Order: 5 lots = 5,000 metric tonnes
Price Quotation
The contract price is in US Dollars and in US Dollar Cents per tonne
Minimum Price Fluctuation
5 Cents ($0.05) per tonne
Tick Value
Contract Size x Minimum Trade Size x Minimum Price Flux
Last Trading Day
Trading will cease on the last Friday of the delivery month. In the event of a public holiday on such Friday, the expiry will be on the preceding Business Day.
Settlement Method
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.
Delivery Terms
Financially Settled
Exchange Rulebook
MIC Code
Clearing Venues

Trading Hours

New York8:00 PM - 6:00 PM*
20:00 - 18:00
7:55 PM
London1:00 AM - 11:00 PM*
01:00 - 23:00
12:55 AM
Singapore9:00 AM - 7:00 AM*
09:00 - 07:00
8:55 AM

*Next Day


Clearing Admin Name
ICE Coal Rbay
Symbol Code