Canadian, Russian, Chinese to agree coking coal price this month: Report

Canadian, Russian and Chinese hard coking coal suppliers are likely to settle prices with Japanese steelmakers this month after some Australian miners agreed to cut prices by about $2 a metric ton, Bloomberg reported Wednesday.

Canadian and Russian producers of the fuel may agree to cut prices by more than their Australian rivals because of differences in quality, Bloomberg quoted the Japanese steel industry newsletter, Tex Report, as saying, without naming the source of the information or specific companies.

Coking coal suppliers and Japanese steelmakers such as Nippon Steel Corp. are in talks to set prices for the year beginning April 1. Canada's Fording Canadian Coal Trust, formed last month, is the world's second-biggest coking coal miner after Australia's BHP Billiton.

Chinese suppliers may agree to a smaller reduction because of strong domestic demand, the report said. BHP Billiton said in August prices rose to between $48 and $50 a ton during the current year. (*)