S.Korea utilities ink '09 coal contracts with China
Published: 16 Jun 2009 22:17:24 PSTPERTH, June 17 - South Korean utilities have agreed 2009 thermal coal contracts with three Chinese producers at about $78.50 a tonne, down more than 45 percent from a year ago but in line with asking prices from China, two utility sources said on Wednesday.
Two separate utility sources said the five power companies, which have broken tradition to jointly negotiate with Chinese miners this year, have agreed to buy a total of three million tonnes of thermal coal from China's Shenhua Energy Co <1088.HK>, China Coal Group <1898.HK><601898.SS> and Datong Coal Mine Group.
The headline price of $78.50 a tonne is based on coal with a heating value of 5,800 kcal/kg (NAR).
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