BHP Billiton cuts coking coal price for Japan by one fourth

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.