Terms of Service
These Terms and Conditions govern your use of CoalMint and the services provided by it. CoalMint provides its services subject to the following terms, conditions, and provisions. By accessing, viewing, or using its services, including but not limited to its various websites, SMS, APIs, email notifications, applications, buttons, widgets, and ads etc. you indicate that you understand these Terms and Conditions and accept them as the legal equivalent of a signed, written contract, binding you to these Terms and Conditions.
Your participation as a customer in this service will constitute acceptance of this agreement.
THIS SERVICE AGREEMENT (this “Agreement”) is entered into by and between CoalMint Info Services LLP (“CoalMint”) and its Customer (“Subscriber”). It constitutes understanding by the Subscriber of the Methodology and Price Assessment Process (Annexure A) used by CoalMint in providing its services.
WHEREAS, SteellMint Info Services LLP (“steelMint”) is a Limited Liability Partnership, which owns and operates the following websites:
WHEREAS, CoalMint is a third party data aggregator for iron and steel sector having its registered office at #301, Jeevan Parisar, Rajeev Nagar, Raipur 492007, Chhattisgarh. It collects information and data in context to prices, exports and imports, and production from varied sources based in India and outside India. Its objective is to conduct transparent and unbiased data analysis and research in order to help its clients make an informed decision.
WHEREAS, the Subscriber is any entity or person which subscribes to the services provided by CoalMint, either online or through SMS, or any other mode that the parties may agree.
NOW, THEREFORE, the parties hereby agree as follows:
CoalMint expressly reserves the right to contract with others to provide services similar or identical to those provided under this Agreement to the Subscriber, however, the Subscriber shall not share any information regarding the services with CoalMint’s competitors during the term of this Agreement, and one (1) year thereafter.
The databases used in connection with CoalMint’s search services consist of information that has been identified, indexed and compiled through an automated process with no advance review by human beings. Given the enormous volume of information added, deleted, and changed on a frequent basis on CoalMint’swebsite, CoalMint cannot and does not screen anything made available through its search services’ database.
The Subscriber shall indemnify, hold harmless and defend CoalMint, its subsidiaries and affiliates, licensors and all its members, directors, officers, employees, agents and representatives, from or against any liabilities, claims, demands, penalties, fines, lawsuits, judgments, losses and expenses (including any direct or indirect consequential losses, loss of profit, loss of reputation and all interest, penalties and legal and other professional costs and expenses) (a) on account of bodily injury, death, or damage to property that results from the fault, negligent act or omission, or willful misconduct, in each case, in connection with this Agreement; (b) resulting in any way from the breach of this Agreement; (c) resulting in any way from any allegation of infringement or misappropriation of any patent, copyright, trade secret, trademark, or other intellectual property right under this Agreement.
When using CoalMint’s website, the Subscriber accepts that communication with CoalMint will mainly be electronic. CoalMint will contact the Subscriber by e-mail or provide the Subscriber with information by posting notices on its website. For contractual purposes, the Subscriber agrees to this electronic means of communication and acknowledges that all contracts, notices, information and other communications that CoalMint provides to the Subscriber electronically, comply with any legal requirement that such communications be in writing. The Subscriber agrees that this condition does not affect its statutory rights.
All notices given by the Subscriber to CoalMint must be given to CoalMint at #301, Jeevan Parisar, Rajeev Nagar, Raipur - 492007, Chhattisgarh or be emailed at [email protected] CoalMint may give notice to the Subscriber on either the e-mail or postal address that the Subscriber provides to CoalMint while registering with it, or in any of the ways specified in Clause 11. Notice will be deemed to be received and properly served immediately when posted on CoalMint’s website, 24 hours after an e-mail is sent, or three days after the date of posting of any letter. In proving the service of any notice, it will be sufficient to prove, in the case of a letter, that such letter was properly addressed, stamped and placed in the post and, in the case of e-mail; that such e-mail was sent to the specified e-mail address of the addressee.
If any of these terms or any provisions of the Agreement are determined by any competent authority to be invalid, unlawful or unenforceable to any extent, such term, condition or provision will to that extent be severed from the remaining terms, conditions and provisions which will continue to be valid to the fullest extent permitted by law.
These terms and any document expressly referred to in them constitute the whole agreement between the parties and supersede all previous discussions, correspondence, negotiations, previous arrangement, understanding or agreement between the parties relating to the subject matter of any Agreement.
This Agreement shall be deemed to have been jointly drafted by both the parties and, in the event of a dispute, shall not be construed against either party solely for the reason that it has or has not drafted the agreement. Each party acknowledges that it has had the opportunity to consult with a counsel of its own choosing prior to entering into this Agreement.
The parties shall comply with all international, national, state, and local laws, ordinances, rules, regulations and orders applicable to them with respect to their performance of the services and obligations under this Agreement.
The parties shall execute and deliver such further documents and instruments and perform such further acts as may be reasonably required to carry out the intent and purposes of this Agreement.
The headings of the paragraphs of this Agreement are inserted for convenience only and are not intended to affect its meaning or interpretation. Throughout this Agreement, the singular shall apply to the plural and the plural to the singular, unless the context clearly indicates otherwise.
CoalMint shall not be responsible or liable to the Subscriber for consequential, incidental, punitive or special or indirect damages. In no event will, CoalMint’s liability for direct damages, regardless of the form of action, exceed 10% of the amount paid in fees under the applicable subscription model in the last three (3) months preceding the date of the incident giving rise to the action, regardless of whether an action is brought in contract or in tort, including indemnity, negligence, strict liability, or otherwise.
The Subscriber agrees that during the term of this Agreement and for two (2) years thereafter, it shall not directly solicit expert advice relating to CoalMint’s services from any employee of CoalMint without first obtaining express consent from CoalMint.
The Parties shall use their best efforts to resolve any dispute under or in relation to this Agreement quickly and amicably to achieve timely and full performance of the terms of this Agreement.
Any party which claims that a dispute, controversy, or claim has arisen under or relating to the Agreement must give written notice thereof to the other party as soon as practicable after the occurrence of the event, matter, or thing which is the subject of such dispute. In such notice, such party shall provide particulars of the circumstances and nature of such dispute and of its claim(s) in relation thereto and shall designate a person as its representative for negotiations relating to the dispute, which person shall have the authority to bind the party in the settlement of the dispute. Within fourteen (14) calendar days from receipt of such notice, the receiving party shall promptly give reply in writing to the other party specifying its position in relation to the dispute and designating its representative in negotiation relating to the dispute. The designated representative of each party shall use all reasonable endeavors to settle the dispute within ten (10) calendar days.
This Agreement or the dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by Indian Law. Any dispute or claim arising out of or in connection with such Agreement or their formation (including non-contractual disputes or claims) shall be subject to the exclusive jurisdiction of the courts of Raipur, Chhattisgarh.
CoalMint group is a third party data aggregator for iron and steel sector having its registered office in Raipur, Chhattisgarh, India. We collect information and data in context to prices, exports and imports, and production from varied sources based in India and outside India. Our objective is to conduct transparent and unbiased data analysis and research in order to help our clients to take informed decision.
Our Methodology: We have a qualified team of researchers & analysts who are management/finance graduates and engineers, who collect this data from various sources (manufacturers, buyers and traders, exporters, importers) on the basis of firm bids, firm offers or transaction prices through calls, emails or on Whatsapp. Communications are recorded for future references. We follow SOP (system operational procedure) to aggregate and process this data. The Company is consistently working on its systems to make it stronger and process oriented, rather than people oriented.
Our terms and conditions clearly state that all the prices are indicative and should be used for reference purpose only. CoalMint does not cohere, recommend or advise anyone of its client to trade on these prices.
What we do not do
We are not an adviser. We do not indulge in any kind of trading activities nor do we recommend any contact of manufacturers, traders or brokers to any of our clients.
A foreword on CoalMint Price Assessment Processes and Methodologies
CoalMint’s definition of “price assessment”
“Price assessment”, according to CoalMint is the market value it publishes for particular commodities. CoalMint’s price assessments are developed by collecting and analyzing trading data received from market participants including manufacturers, buyers and other trade participants through calls, mails, VOIP messages and personal meetings.
For what commodities does CoalMint provide price assessments?
CoalMint provides price assessment for commodities relating to iron and steel industry including iron ore, coal, pellets, ferrous scrap, mill scale, sponge iron, pig iron, ingot/billet, rebar, structures, wire, pipe, HRC, CRC, HR plate, GP, silico manganese, ferro manganese, ferro chrome, ferro silicon, chrome ore, manganese ore, etc.
How does CoalMint develop price assessments?
CoalMint has a team of market analysts, reporters and editors who are well experienced and trained in research methodology and are also responsible for monitoring markets, analyzing data, etc. The data is collected from market participants including commodity producers, consumers, transporters, processors, storage facilities, traders, brokers, and others. CoalMint editors analyze the market data (i.e. bids, offers and trades) with respect to guidelines and then publish assessments.
Which market participants are included in CoalMint assessment process?
CoalMint sources data from industry participants whose information is considered indicative of market value. Participation in CoalMint price assessment processes is voluntary. It is indicative of the participants’ belief that price discovery strongly benefits functioning of commodity markets.
What is methodology and why is it important?
The term is a defined set of guidelines to produce consistent quality in a price assessment. Specific and well-defined methodologies are integral to CoalMint’s price assessment processes. CoalMint adopts a system operational procedure (SOP) module which is technically sound and helps better assessment of prices. CoalMint’s endeavor has always been to adopt technology as a core part of its function. Company keeps on innovating different methodology of price discovery, which are globally accepted.
Is there a standard methodology across all commodities and regions that CoalMint follows?
CoalMint’s price assessments follow the basic channel that is well-defined processes, strict compliance with editorial standards, being independent and impartial and use of editorial judgment. However, the methodology will vary by commodity. CoalMint has a standard methodology to each commodity market, based on the market’s status, frequency of trading, typical volatility and seasonal tendencies, among many other factors.
Price is a function of time, yields the tradable value of the commodity at a given point in time, typically at the end of the trading day CoalMint has increasingly used the principle of market focused time frame for its price assessments; as the commodity markets have become more volatile. CoalMint assessments can be easily used for cross-commodity price comparisons.
Is CoalMint able to publish a daily price assessment if no transactions actually occur?
CoalMint editors aim to reflect confirmed trades first and foremost. In the absence of actual trades in its price assessment processes, CoalMint reporters may consider firm bids and offers at the end of the trading day as useful information reflecting the price at which a commodity could have traded. CoalMint editors also may look at intra- and inter-market spreads as useful information on market value.
Does CoalMint review the companies that supply data to its price assessment processes?
Yes. As part of its standard editorial practice to maintain the integrity of the price assessments and the quality of information it publishes, CoalMint on regular basis reviews the companies that provide that data. Reviews are conducted on a regular basis and may take into consideration a number of factors, including, but not limited to, adherence to CoalMint editorial guidelines, operational and logistical specifications and counterparty acceptance. CoalMint does not disclose the nature or scope of these routine reviews.
Does CoalMint ever reject information in its price assessment processes?
Yes. To maintain the integrity of its price assessment processes and price assessments, CoalMint only includes information that it deems to be of appropriate quality – that is, data that reflects bona fide transactions and market value. CoalMint maintains the right to disallow any data that does not reflect the market, does not meet its methodology or quality protocols, or is in question for any reason.
Can CoalMint stop companies from trading?
No. Trading is conducted between buyer and seller in the open marketplace. CoalMint activities are confined to its price assessment processes and the assessments those processes produce.
How does CoalMint protect the integrity of its processes and price assessments?
CoalMint uses methodologies with the goal of publishing price assessments indicative of market value. CoalMint may choose not to use inputs that are not verifiable or may distort the true market level.
Do global regulatory bodies or governments oversee CoalMint price assessment processes?
CoalMint operates independently and impartially. CoalMint is in touch with government entities and policy-makers for the purpose of cross referencing of data but is not directly or indirectly regulated by any domestic or international government body.
Does CoalMint have a compliance function or body to oversee its price assessment processes?
CoalMint functions on a multi level check system and employ an internal compliance body. The compliance department is independent performs continuous reviews of the price reporting work in order to ensure adherence to methodologies and editorial standards.
How are CoalMint price assessments used?
CoalMint’s clients use its price assessments for various purposes. Market participant regularly use CoalMint prices as a basis for pricing spot transactions and term contracts while analysts use them to identify trends and patterns in supply and demand. And also use them as reference to place a market value on the commodities.