Reported by Press Trust of India the nation’s steel ministry revealed the deals struck by Steel Authority of India and Rashtriya Ispat Nigam Ltd (RINL) are effective from April 1, with an unnamed price carried forward for the interim three-month period between the contract prices.

Compared to last year, the new Indian coking coal contracts are 58-60% lower, roughly in line with other falls for the commodity this year.

BHP Billiton announced yesterday it had settled this year’s metallurgical contracts at 58% below 2008’s record levels.