Wednesday, April 09, 2008

Steelmakers accept 200% coking coal price increase

Nippon Steel Corp, JFE Steel Corp and other major Japanese steelmakers have accepted a proposal from Australian and British mining giant BHP Billiton Ltd/Plc to triple the coking coal price for fiscal 2008, industry officials said Wednesday.
The coking coal price increase, an earlier-agreed 65% hike in iron ore prices and markups in costs of other materials like scrap are expected to boost overall materials costs for the Japanese steel industry by 3 trillion yen, they said.

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