Japanese mills obtain 10 percent cut in Q4 import coking coal price

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