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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (66654)	8/31/2010 10:12:40 AM
From: LoneClone	Read Replies (1) \| Respond to of 194964

BHP offers Japan Oct-Dec coking coal at $215/T-paper Mon Aug 30, 2010 6:42am GMT af.reuters.com TOKYO Aug 30 (Reuters) - BHP Billiton (BHP.AX: Quote) has offered Japanese steel mills a coking coal price of $215 per tonne for October-December, down from $225 in the previous quarter, but Japanese mills are requesting more price cuts, the Nikkei business daily reported over the weekend. Miners and Japanese mills earlier this year agreed to adopt quarterly pricing for coking coal and iron ore, major raw materials used in steelmaking, and decide the price using the average spot price in the previous quarter. The average price in the three months from June 1 to Aug. 30, which will be reflected in the October-December price, will likely stay around $210.7 per tonne, said Argus Media Ltd, a research company specialising in the energy market. "BHP's offer price, if the report is correct, is at the top end of the range," said Masaki Mita, Japan representative for Argus. "The miner could be anticipating higher prices in the months ahead." The Nikkei said major Japanese steelmakers were seeking a lower price. Nippon Steel Corp (5401.T: Quote), the world's No.4 steelmaker, and JFE Holdings Inc (5411.T: Quote), No.5, declined to comment if there was such an offer from BHP. A source at a Japanese steel mill said there has been no official price offer from BHP, the world's biggest coking coal producer. Brazil's Vale (VALE5.SA: Quote), the world's biggest iron ore producer, said last week it planned to unveil a reduction of 10 percent in ore prices from October as spot prices in China had declined. That would represent the first decline since the industry switched to setting prices quarterly in April. (Reporting by Yuko Inoue; Editing by Edmund Klamann)