Japan's Tohoku Electric Power and mining giant Glencore have settled the benchmark annual contract price for Australian thermal coal for delivery from October 1, 2014 to September 30, 2015, at $73.85/mt FOB, basis 6,322 kcal/kg GAR, a trading company source said Monday.
Tohoku Electric declined to comment on the issue, but sources from three other Japanese power utilities said a settlement had been reached between Tohoku and Glencore. They could not say what the price was, however.
The annual contract that begins October 1 is the second largest in terms of tonnage after the one that begins in April, involving 12 million-15 million mt of Australian coal, industry sources have said earlier.
The October 2013-September 2014 FOB contract price for Australian thermal coal was $85.80/mt, while the April 2014-March 2015 term price was $81.80/mt.
On September 26, Platts assessed the daily 90-day FOB price for physical Newcastle coal with a calorific value of 6,300 kcal/kg GAR at $65.75/mt. The average of Platts' assessments from October 1, 2013 to September 26, 2014 was $75.66/mt.
Source: Platts |
