Tue Apr 27, 2010 8:22am IST
SHANGHAI, April 27 (Reuters) - Chinese miners and Japanese utilities have agreed to a 47 percent rise in the coal term price for fiscal year 2010/11 starting in April, a trading source familiar with the situation said on Tuesday.
The price for thermal coal with calorific value of 5,800 kcal/kg (NAR) will be $115.5 a tonne, free on board (FOB), up from last year's $78.50 a tonne, the source said.
The volume on the deal is yet to be confirmed but is expected to stay at a level similar to last year.
"It will be a little over 1.2 million tonnes, and expected to be settled on Friday," said the source.
In 2009, China's coal exports to Japan shrank more than half from a year earlier to 6.4 million tonnes, as demand in Japan dwindled during the global financial crisis and robust coal consumption in China made domestic prices more attractive to miners. [ID:nTOE61208J]
The term price would include China's 10-percent export tax on coal, Tex Report said. (Reporting by Rujun Shen and Jacqueline Wong; Additional reporting by Osamu Tsukimori in Tokyo; Editing by Ken Wills)
Source: http://in.reuters.com/article/oilRpt/idINTOE63Q02520100427
SHANGHAI, April 27 (Reuters) - Chinese miners and Japanese utilities have agreed to a 47 percent rise in the coal term price for fiscal year 2010/11 starting in April, a trading source familiar with the situation said on Tuesday.
The price for thermal coal with calorific value of 5,800 kcal/kg (NAR) will be $115.5 a tonne, free on board (FOB), up from last year's $78.50 a tonne, the source said.
The volume on the deal is yet to be confirmed but is expected to stay at a level similar to last year.
"It will be a little over 1.2 million tonnes, and expected to be settled on Friday," said the source.
In 2009, China's coal exports to Japan shrank more than half from a year earlier to 6.4 million tonnes, as demand in Japan dwindled during the global financial crisis and robust coal consumption in China made domestic prices more attractive to miners. [ID:nTOE61208J]
The term price would include China's 10-percent export tax on coal, Tex Report said. (Reporting by Rujun Shen and Jacqueline Wong; Additional reporting by Osamu Tsukimori in Tokyo; Editing by Ken Wills)
Source: http://in.reuters.com/article/oilRpt/idINTOE63Q02520100427
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