By Sungwoo Park
March 10 (Bloomberg) -- Posco, Asia’s third-biggest steelmaker, has settled the first pulverized coal contracts for 2009 at $90 a metric ton with several Australian producers, Macquarie Group Ltd. said, citing a Platts report.
That is a 63 percent cut from fiscal 2008 prices which were between $240 a ton and $245 a ton, Macquarie analysts including Jim Lennon and Adam Rowley wrote in an investor note yesterday, citing Platts. Suppliers of low volatility pulverized coal injection (PCI) coal “apparently agreed” to cancel 2008 carryover volumes, they said, without identifying the producers.
Posco last year acquired a 10 percent stake in Brisbane- based Macarthur Coal Ltd., the world’s biggest exporter of pulverized coal used in steelmaking.
Posco spokeswoman Ko Min Jin declined to comment on the report. Ian McAleese, executive manager of corporate development for Macarthur Coal also declined to comment.
Platts also said that 2 million tons of hard coking coal were sold to China in the spot market at $140 a ton, including costs and freight, the Macquarie report said.
To contact the reporter on this story: Sungwoo Park in Seoul at spark47@bloomberg.net.
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