Japanese utilities and global mining giant Glencore GLEN.L have settled an Australian thermal coal import contract for April 2018-March 2019 at $110 a tonne, according to several people with knowledge of the matter.
The deals were struck between Glencore and Japanese utilities such as Shikoku Electric 9507.T , Chugoku Electric 9504.T and Kansai Electric 9503.T after bilateral talks, a source at a Japanese coal buyer said, requesting anonymity as he was not allowed to speak in public about commercial deals.
Glencore didn't respond to a request for comment. A Chugoku Electric spokesman confirmed it has struck some annual contracts at $110 a tonne with Glencore, but said some other deals were agreed at different prices or index-linked prices. Shikoku Electric said it settled the April-March contract with Glencore last month but declined to disclose the price.
Kansai Electric was not immediately available for comment. "We've agreed with Glencore at $110 per tonne for the April-March contract late last month," another source at a utility directly involved in the talks said, also declining to be named.
A trader with a major commodity merchant also confirmed the deals.
News: WHC Japan utilities, Glencore set annual coal contract at $110/T - sources
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