XSTRATA Coal and Indonesian producer PT Bumi Resources have reportedly settled annual thermal coal contracts with Japanese buyers at a 40% premium to last year’s prices.
According to a Financial Times report, the two producers have signed Japanese 2010-11 financial year contracts at $US98-104 a tonne.
The higher than expected prices are well over the $70/t achieved last year.
According to the latest forecasts from the Australian Bureau of Agricultural and Resource Economics, thermal coal prices are expected to remain above historical averages for the next five years, reflecting import demand from India, Korea, Taiwan and Japan.
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