The price is a 143% hike on previous thermal coal contracts of $US55.65/t, Business Spectator reported.
Industry reports said Xstrata was also negotiating with Japanese utilities two weeks ago tabling prices at $US125/t.
The worldwide supply crisis is not expected to end quickly with many Australian mines declaring force majeure after flooding from January 18 to 20 and February 9 to 14.
BHP Billiton Mitsubishi Alliance announced yesterday it will lose 6.5 to 7.5 million tonnes in coal production in the 2008 financial year due to the flooding.
