ONE of the world’s largest steel makers, South Korea’s POSCO, has agreed to a 119% price hike for Australian coal.
POSCO has agreed to buy bituminous coal at about $125 per tonne as of April 1, from BHP Billiton and Rio Tinto, POSCO spokesperson Oh Dong-ho told Reuters.
In 2003 POSCO imported 19.9 million tonnes of coal, 11.3MT of which was sourced from Australia.POSCO has been busy securing coking coal, announcing last month it had signed a 10 year sale contract to purchase about 4.85 million tonnes per annum of metallurgical coal next year from Canada’s Elkview mine, increasing to 6.25Mt pa from 2007 onwards.It also sealed a deal with Vancouver-based company Western Canadian Coal to buy three million tonnes of PCI and coking coal over a six year period.POSCO announced in December plans to buy 5% stakes in two Australian coal mines, at Carborough Downs in Queensland and Glennies Creek in New South Wales.
SOURCE:INTERNATIONAL COAL NEWS
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