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ICE Futures Europe

globalCOAL 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 globalCOAL Monthly RB Index.

Market Specifications

Trading Screen Product Name
gC RB Coal Futures
Trading Screen Hub Name
Richards Bay
Trading Period
Up to 48 consecutive month contracts.

13-16 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.

3 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.
Expiration Date
Trading will cease at 17:00 LLT on the last Friday of the delivery month, quarter, or calendar.
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.
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
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 RB Coal Futures Contract is cash-settled at an amount equal to the monthly average globalCOAL RB Index. The full methodology for calculation of the index is available at globalCOAL.
Additional Information
The globalCOAL Monthly RB Index is the average of each Weekly RB Index as calculated on each Friday falling in that calendar month. The Weekly RB Index is the weighted average of two elements: (1) The weighted average price of transactions. (2) An average of bids and offers. The full methodology for calculation of the Index is available at globalCOAL.
Contract Symbol
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


Clearing Admin Name
gC Coal Rbay
Symbol Code