Australian mining firms negotiate with Japanese mills
According to recent news in the market, Australian mining companies
BHP Billiton and
Rio Tinto have restarted negotiations with Japanese steel producers with respect to
iron ore supplies in 2005.
It is stated that the price of
coking coal by
BHP Billiton and
Rio Tinto will be $125 per ton effective as of April 1, 2005, the beginning of Japanese fiscal year. The price of subject raw material was $57 per ton in 2004. The price has been increased due to strong demand. Price of
iron ore is expected to be increased by 25-30%.