Spot Metallurgical Coal in U.S. Mixed, Energy Publishing Says

By Mario Parker - Feb 18, 2011 9:49 PM GMT+0530

Metallurgical coal prices on the U.S. spot market increased ahead of final negotiations for the quarterly benchmark contract, Energy Publishing Inc. said.

Spot prices for low-volatility coking coal gained $1.25, or 0.4 percent, to $321.25 a ton in the week ended today, according to the Knoxville, Tennessee-based data provider. High-volatility coal was unchanged at $287.50.

Energy Publishing said buyers and sellers of metallurgical coal are anticipating that the benchmark contract between the BHP Billiton-Mitsubishi Alliance and Japanese steelmakers will be announced by March 2.

“U.S. producers continue to be in a bit of a holding pattern as they await news of the quarterly settlement,” Energy Publishing said.

Energy Publishing says it surveys buyers and sellers of coal to determine pricing.
(sourced:bloomberg)

Tags:BHP Billiton-Mitsubishi Alliance, Japanease steelmakers, Energy Industry,

Wuhan Steel forming Canadian mining JV -source

BEIJING Feb 17 (Reuters)

China's third-largest steelmaker Wuhan Steel Group is looking to form a joint venture to develop mining projects with Canada's Century Iron Mines Corp and Adriana Resources Inc (ADI.V: Quote), a company source said on Thursday.

Wuhan Steel, parent of Shanghai-listed Wuhan Iron & Steel Co Ltd (600005.SS: Quote), has also inked an agreement with Adriana Resources to take a roughly 20 percent stake in Adriana via a private placement.

(Reporting by Coco Li and David Stanway, writing by Ruby Lian, editing by Jason Subler and Chris Lewis, sourced: Thomson Reuters)

Tags: Chinease steel industry news, raw material, steelmakers, steel mills, Wuhan Steel Group, joint venture, JV, develop mining projects, Canada, Century Iron Mines Corp, Adriana Resources, Shanghai, stake, private placement