Chinese steel giant
Baosteel Group announced on February 28 that it has signed a long-term
coking coal supply agreement with Anglo-Australian mining and resources group
Rio Tinto, with
Baosteel thus becoming
Rio Tinto's first Chinese long-term buyer of coal.
According to the agreement,
Rio Tinto is to supply
coking coal of good quality to
Baosteel from the current year, over a period of three years.
Baosteel has not disclosed the supply volume involved.
Rio Tinto supplies around 13.6 million mt of coal per annum, accounting for a 5.7 percent share of the total global market.