Wed,Feb23, 2011TOKYO (NQN)--Japan Iron and Steel Federation Chairman Eiji Hayashida said Wednesday BHP Billiton's call to revise coking coal prices monthly is "completely unacceptable."
Hayashida, also the president of JFE Steel Corp., made the comment in connection with the news that the Anglo-Australian resource giant asked major Japanese steelmakers to reset prices monthly rather than quarterly beginning in April.
Hayashida admitted such negotiations are taking place.
But he rejected the call, saying, "If prices of basic materials such as iron and steel change in the short term, it will make it harder for companies that order steel products to develop a purchase plan as well as to forecast earnings."
Tags: iron ore, steel, Anglo-Australian resource, raw mat
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