Japanese reject Australian thermal price offer

JAPANESE utilities have knocked back a 10% price jump on thermal coal under one-year contracts proposed by Australian coal producers.

Angie Tomlinson

An official with a mine owner told Dow Jones yesterday that Australian producers had offered Japanese utilities $77-78 per tonne on one-year contracts starting October.

However, the Japanese buyers had rejected the offer on the basis that it was higher than the spot coal price.