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Wesfarmers struck a hard coking coal price of $US310 for the July to September quarter.
Despite the dip Wesfarmers managing director Stewart Butel said the company was satisfied with the end result of the negotiations.
About 90% of the October 2011 to December 2011 quarter sales tonnage is forecast to be at the new contract prices.
“Consistent with previous guidance, Curragh metallurgical coal sales volume is forecast to be within the range of 6.8 to 7.2 million tonnes for the 2012 financial year, subject to no significant wet weather and satisfactory rail and port operations,” Butel said.
All of the metallurgical coal from the Curragh mine in Queensland, which also includes semi-hard coking and pulverised coal injection coal, is contracted under a quarterly pricing regime.
Hard coking coal prices peaked at around $330/t in the June quarter due to the impact of Queensland’s devastating wet season.
