Japanese steelmakers Sumitomo Metal Industries (Sumitomo) and Kobe Steel have agreed on a
coking coal contract price of $285/mt FOB for the fourth quarter this year with Australian
mining and natural resource group Anglo-American and Australian
mining giant
Rio Tinto, down 10 percent compared with the third quarter of the current year - as reported by international media sources.
Sumitomo also reached an agreement with
Rio Tinto that half its
coking coal purchases from
Rio Tinto would be at monthly prices, while the other half would be at the quarterly price.
Affected by the heavy rains and floods in Queensland, the Australian
coking coal contract price reached the high level of $330/mt FOB in the second quarter this year but later began to slip