Australian mining giant
BHP Billion has reduced its hard
coking coal contract price for
Japan by 25 percent to $170/mt, according to reports.
The main reason behind this price cut is indicated as weak raw material and steel demand in China. The
coking coal price decline follows significant decreases in iron ore prices in recent weeks.
Japan's other
coking coal suppliers are expected to follow
BHP Billiton's downward price adjustment.
As SteelOrbis previously reported,
BHP Mitsubishi Alliance (BMA), a joint venture of Australian miner
BHP Billiton and
Japan's Mitsubishi, announced early this week that it will halt production at its Gregory open-cut coal mine, a part of the Gregory Crinum complex in Queensland,
Australia.