Access to the site will be available to registered members only. A registration application can be obtained from the front page of the site (www.coalonnet.com). As a registered member, the user will be able to conduct coal transactions on the site. Several major buyers and suppliers have already registered on the site. A number of Japanese power companies, steel companies and other buyers, are already conducting simulated transactions on COALonNET.
To achieve a user-friendly site with maximum fluidity, the opinions of coal buyers and sellers were canvassed from an early point in the development process. The site is currently capable of handling both conventional closed tenders as well as Best Open tenders (modified auctions) initiated by either the buyer or the seller. To keep pace with the diversifying coal market, COALonNET is already studying development of additional site capabilities.
While COALonNET will be responsible for site operation, to ensure maximum security and confidentiality, NEC Biglobe Centre will be responsible for data management and technical support on behalf of COALonNET.
Mitsubishi, Mitsui and Sumitomo have numerous investments in coal mines with the majority of those in Australia, supplying coal to steel industry, power industry and general industry such as paper and pulp industry. Total export volume traded by the three companies, including coal from their mines, amounts to approximately 62 million tonnes annually, most of which are shipped to their Japanese customers.
Mitsubishi, Mitsui and Sumitomo are committed to building a foundation for on-line coal trade in the Asia Pacific market and also to expanding into the Atlantic spot market with the aim of reducing transaction costs.
