|  | 09/02/2010 |
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Nippon Steel, JFE Steel Agree with BMA to Cut Coking Coal Price by 7%
Nippon Steel and JFE Steel agreed with world largest coking coal supplier, BHP Billiton Mitsubishi Alliance (BMA) of Australia to reduce premium hard coking coal purchase price in October-December by 7% from July-September by Tuesday. Sumitomo Metal Industries and Kobe Steel also agree with BMA as such. The quarterly price decreased for the first time since the price setting entered into quarterly basis since April. However, the price is 62% higher than annual price in fiscal 2009 ended March 2010 and 4.5% higher than April-June quarterly price under tight supply. Japanese integrated steel makers will set the coking coal price with other miners while the makers will start negotiation with miners for quarterly price for semi hard coking coal and coal for pulverized coal injection.
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 | Nippon Steel, JFE Steel Agree with BMA to Cut Coking Coal Price by 7%
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