Saturday, 10 Mar 2012
Nikkei reported that Japanese steelmakers have reached an agreement with two major suppliers that cuts the prices of coking coal shipped in the April to June period to USD 206 per tonne, roughly 12% lower than in the January to March quarter.
As per report, Canada's Teck Resources Ltd and Rio Tinto Plc signed on to the deal, but Anglo American Plc is believed to be holding out for USD 210 a tonne.
The April to June 2012 price is down some 40% from the same period last year, when coking coal hit a record USD 330 dollars per tonne after winter rains temporarily halted shipments from eastern Australia. Since then, Australian shipments have resumed and steel production has declined due to worldwide economic uncertainties.
Source - The Nikkei
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