Japanese steelmakers reportedly agree with BHP on coking coal price hikes

The world's largest steelmaking coal producer BHP Billiton Mitsubishi Alliance and Japanese steelmakers have agreed to a 12.5 percent price increase for coking coal contracts, global press sources have said.
 
Prices are to rise to $225/mt for the three months starting in July, from $200/mt for the three months started April 1, representing a 75 percent rise on year-on-year basis, reports said.
 
JFE Holdings and Nippon steel, Japan's two largest steelmakers, are reported to have agreed to accept the price hikes, with the companies reportedly likely to pass the rise in expenses on to steel prices.