Macquarie said the deals were in line with its thermal coal forecast of $US75/t for the Japanese financial year starting April.

Bloomberg, referencing the Tex report, said the $US70-73/t contracts were for six-month and one-year periods and excluded freight costs.

The Tex report also said South Korean utilities modified contracts to start in January, April or August, in a similar fashion to agreements already reached by Japanese power companies, according to Bloomberg.

Macquarie said serious negotiations between the Australians and Japanese for the Japanese financial year contracts are not expected until later this month.

“On the hard coking coal front, unconfirmed reports suggest that in the first round of contract negotiations offers have been made at around the $US130 per tonne mark, with buyers reportedly asking for around $US96 per tonne,” Macquarie said.

In previous analysis, Macquarie said historically Japan paid more for thermal coal, especially last year, with buyers settling contracts at $US125/t compared to “astute buying” from Korean power companies at $US65/t.

This week Dow Jones Newswires reported ABN Amro as saying Rio settled its coking coal deliveries to India’s JSW Steel for the March quarter at $US175/t, down from $US305/t last year.