Japanese steelmakers and BHP Billiton are in talks to cut coking coal price for the October-December quarter by 24 percent from the preceding quarter to $170 per tonne to reflect a slowdown in demand, a source familiar with the matter said on Thursday.

The two parties have yet to reach a final agreement, the source said.

The price would be the lowest level since the quarterly pricing system was adopted in April 2010.

Reuters