Australian mining giant BHP Billiton confirmed on March 30 that it has reached agreements with a significant number of customers throughout Asia to move existing iron ore contracts that were previously priced annually on to a shorter-term landed price equivalent basis.
The company said that the structural change represented by these settlements is consistent with BHP Billiton achieving market clearing prices.
As SteelOrbis previously reported, on March 8 the world's largest hard coking coal producer BHP Billiton announced that it had reached terms for a significant portion of its hard coking coal volumes for 2010. A BHP press release said that the company has reached agreement with a range of customers throughout Europe, China, India and Japan.