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Thursday, 28 January 10
JAPAN STEELMAKERS OPPOSE QUARTERLY COAL CONTRACTS
Japanese steelmakers oppose miner BHP Billiton's attempt to switch to quarterly contracts from annual deals for supplying coal, as the change would not suit their clients in manufacturing, they said on Wednesday.
Stocks
The Japan Metal Daily on Tuesday reported that BHP Billiton, one of the world's biggest coal producers, was seeking a quarterly contract on coal in talks with Japanese steelmakers.
Their current annual contract expires on March 31.
Analysts say a quarterly contract will make it hard for Japanese steelmakers to fully pass on costs to user companies like carmakers and shipbuilders, who set sales prices annually.
| “The 40-year-old benchmark system is under threat after China rejected the miners' 2009/10 price settlement with Japan, opting to buy on the spot market” |
"We've heard there is a miner who favours a shorter contract period and that some Chinese steelmakers have not rejected the idea," Shoji Muneoka, chairman of the Japan Iron and Steel Federation, told a news conference.
"Chinese steelmakers produce a lot of construction steel, in which quarterly price changes are easier, but Japanese steelmakers supply 60-70 percent of their product to manufacturers, who wouldn't like quarterly cost fluctuations.
"We hope the miner honours the market situation, which is different from country to country."
BHP has been vocal in abandoning a benchmark system, in which the first price deal between a miner and a steelmaker sets a yardstick to be followed by the rest of the industry for a year.
The 40-year-old benchmark system is under threat after China rejected the miners' 2009/10 price settlement with Japan, opting to buy on the spot market.
Muneoka, also the president of the world's No.2 steelmaker, Nippon Steel Corp (5401.T), said the annual benchmark system has been supported by big steelmakers, including those in Japan, South Korea, Taiwan and Europe.
Source: Reuters
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Tuesday, 19 January 10
COAL FOR DOMESTIC USERS
While the government is already almost a year behind schedule in issuing regulations to implement the new mining law, mineral producers have been&nb ...
Tuesday, 19 January 10
RISING DEMAND FROM POWER FIRMS TO PUSH COAL PRICES
The resurgence of the Chinese economy, along with harsh winter conditions across the country, is likely to push coal prices up in the short term. In ...
Tuesday, 19 January 10
ESSAR'S MEGA ACQUISITION PLANS
India’s Essar Group has carved a mega plan that includes a slew of acquisitions and investments in assets across various businesses. CNBC-TV18 ...
Monday, 18 January 10
INDONESIA SHIPPED 15.90 PERCENT OF TOTAL COAL EXPORTS IN 2009 TO INDIA
COALspot.com (Indonesia): Indonesia, the world largest coal exporter, exported 19.07 percent of the total coal export in 2009 to China and 15. ...
Monday, 18 January 10
BHP TO SPEND $267 MILLION ON QUEENSLAND COKING COAL
BHP Billiton Ltd, the world’s largest mining company, will spend $267 million to accelerate development of the Caval Ridge mine and the Hay Po ...
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- Romanian Commodities Exchange
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- McConnell Dowell - Australia
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- Siam City Cement PLC, Thailand
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- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
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- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
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- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
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- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- The Treasury - Australian Government
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- London Commodity Brokers - England
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- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
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- Formosa Plastics Group - Taiwan
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- Economic Council, Georgia
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- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
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- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
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