BHPB moving towards $129/t ‘benchmark’ for HCC
BHP Billiton was understood to be close today to settling a 2009-2010 ‘benchmark' price of $129/t FOB for its top-rated Peak Downs hard coking coal with Japanese steel mills.
Information was still being tightly-held, but several sources indicated that BMA (a 50:50 joint venture between BHPB and Japan's Mitsubishi) had placed offers to Nippon Steel and the two sides were moving towards agreement.
The sources indicated BMA had also offered its Goonyella brand at $128/t FOB, with Norwich Park offered at $120/t FOB and Gregory at $115/t FOB.
The prices represent cuts of close to 60% on the 2008-9 price range of $285-$300/t FOB for these brands, and the role of carryover tonnes is uncertain in the latest agreements, although it is believed BMA has minimal carryover exposure with Nippon.
However, the Peak Downs price would still represent the second highest on record in Japan. On 2007-8 relativities, the latest indicated prices would put BMA's Blackwater brand at just over $100/t FOB and Blackwater weak brand at just under $90/t FOB.
Source: McCloskeys
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