Japanese integrated steel makers agreed with major coal suppliers last week to reduce soft coking coal price by 17% for October-December shipment from July-September. Their purchase price apparently decreases by averaged around 10% for all iron making coals including hard coking coal and pulverized coal injection coal. However, the price would turn upward in January-March when hard coking coal spot price to China is increasing, according to the sources.
The Japanese integrated steels agreed with Xstrata and Rio Tinto to reduce the soft coking coal price by US$ 29 to US$ 143 per tonne for October-December from July-September. The price cut was same range as PCI coal while the integrated steels expected wider reduction under the looser supply balance. The integrated steels agreed with major suppliers to reduce the highest grade hard coking coal price by 7% to US$ 209 per tonne for October-December from July-September while the PCI coal decreases by US$ 30 to US$ 150. Hard coking coal spot price to China increased to FOB US$ 220 per tonne or same range for quarterly price in July-September. Japanese integrated steels would be under the pressure from coal suppliers for the price negotiation for January-March, which starts from mid-November, while the supply tend to be tight seasonally in January-March period due to many supply interruption under heavy snow in Canada and heavy rain in Australia.Japan Steel Scrap Composite Prices (Sangyo Press)
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