"It is expected that both parties (will) simply exchange general outlooks on the present thermal coal market, thereby not proceeding to the price negotiation in the true sense of the word," the Japanese steel industry mouthpiece said.
A schedule for price negotiations with Tohoku Electric Power had not yet been set, the newsletter said.
Chinese imports have risen in the past few months, indicating a global slump in thermal coal prices caused by Chinese exports may be over and boding well for Australian producers as they take their seats at the negotiating table.
China's overseas shipments rose to 85-90 million tonnes last year, more than double the level in 1999, depressing spot prices. However, Chinese buyers have been increasingly in the market in recent weeks, sending spot prices up to US$30 a tonne against US$27.50/t in early December.
The 2001-02 benchmark Australian contract thermal coal price is US$34.50/t.
