Macarthur said on Thursday that settlements had resulted in shorter-term pricing structures, including quarterly and six-monthly pricing, and were in line with market settlements.

BHP was believed to have locked in its PCI contracts on a quarterly basis at $US170-180.

Macarthur produced PCI coal from its Coppabella and Moorvale operations in Queensland.

Macarthur closed up 2.5% at $A12.30.