TY  - JOUR
A1  - Zaklan, Aleksandar
A1  - Cullmann, Astrid
A1  - Neumann, Anne
A1  - von Hirschhausen, Christian
T1  - The globalization of steam coal markets and the role of logistics an empirical analysis
JF  - Energy economics
N2  - In this paper, we provide a comprehensive multivariate cointegration analysis of three parts of the steam coal value chain - export, transport and import prices. The analysis is based on a rich dataset of international coal prices: in particular, we combine data on steam coal prices with freight rates, covering the period December 2001 until August 2009 at weekly frequency. We then test whether the demand and supply side components of steam coal trade are consistently integrated with one another. In addition, export and import prices as well as freight rates for individual trading routes, across regions and globally are combined. We find evidence of significant yet incomplete integration. We also find heterogeneous short-term dynamics of individual markets. Furthermore, we examine whether logistics enter coal price dynamics through transportation costs, which are mainly determined by oil prices. Our results suggest that this is generally not the case.
KW  - Steam coal
KW  - Market integration
KW  - Multivariate cointegration
Y1  - 2012
U6  - https://doi.org/10.1016/j.eneco.2011.03.001
SN  - 0140-9883
VL  - 34
IS  - 1
SP  - 105
EP  - 116
PB  - Elsevier
CY  - Amsterdam
ER  -