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Thursday, 24 September 09
S.KOREA HYUNDAI STEEL TO BUY COAL FROM SIBERIA


Reuters reported that, South Korea's Hyundai Steel said on Wednesday it will buy a maximum of 300,000 tonnes of coal per year from Siberian Anthracite of Russia from 2010 for five years to feed its steel capacity expansion.

Both firms have signed a memorandum of agreement for the supply deal in Novosibirsk, Russia, a company spokesman said.

Another South Korean steel maker, POSCO, also signed a five-year contract on Wednesday to buy 1 million tonnes of coking coal and coal products per year from another Siberian miner, Sibuglemet, Interfax news agency reported.

The POSCO contract will also run from 2010, Interfax said.

Hyundai Steel is investing 5.84 trillion won ($5.61 billion) to build its first blast furnace to produce 8 million tonnes of steel annually.

The steel project, set to start operations in 2010, will boost output from the country's second-largest steelmaker by 60 percent.

For this expansion, Hyundai Steel late last year said it would buy 8 million tonnes of coking coal from BHP Billiton for five years, and reached similar deals with Canada's EVCC and Australia's Rio Tinto and Wesfarmers

Russia's largest miner of coking coal for the steel sector, Mechel, in February agreed to supply up to 300,000 tonnes per year of the fuel to Hyundai Steel.
Source: Reuters



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Tuesday, 22 September 09
AUSTRALIA SEES HIGHER ASIAN THERMAL COAL IMPORTS
* Asia '09 imports to rise 3.5%, vs pvs f'cast of 3.3% fall * Asia 2010 thermal coal imports expected to rise 6.3 pct * China to become net im ...


Tuesday, 22 September 09
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* Colombia producers hope for growth in Asia shipments * Panama Canal will allow smaller coal Capesize vessels * Australia, Indonesia to remain bi ...


Monday, 21 September 09
ACCC SET TO APPROVE NEWCASTLE COAL SHIPPING AGREEMENT
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Friday, 18 September 09
PEABODY ENERGY ESTABLISHES ASIAN COAL TRADING HUB IN SINGAPORE
Peabody Energy announced it has opened an office in Singapore that will serve as the new hub for Peabody COALTRADE International activities in South ...


Friday, 18 September 09
AUSTRALIA NEWCASTLE COAL PORT: SEEKS INTERIM QUOTA SYSTEM
Reuters reported that, Australia's Newcastle coal terminal wants to re-introduce an interim export quota system after a group of miners led by BHP ...


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