March 2010 | Steel Raw Materials
Posco, Rio settle on semi-soft price: Coke and Coking Coal Highlights
Australian coking coal supply problems persist.
MBR mentioned last week that semi-soft coking coal contract price agreements were yet to be settled, but were likely to see increases in the region of 100% due to the benchmark set by Low volatility PCI coal (which gained 90-100%) and the increasing severity of supply restrictions out of Australia. This placed the upper hand firmly with the miners and it appears in the last week that they have had some success in achieving their desired price increases. We understand that Posco of South Korea has agreed with Rio Tinto a first quarter semi-soft contract price of $167/tonne fob. This is an increase of 100% on last years contract price of $83/tonne fob.
...due to tightening supplyWe have now seen quarterly settlements for hard coking coal (up 55%), LV PCI coal...
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