Negotiations between Japan’s leading utility Tohoku Electric and major thermal coal supplier Glencore to settle a reference price for October start term supplies could be headed the same way as last year, with a possible outcome decided by non-utility customers, market sources say. With Newcastle benchmark 6,000 kc NAR thermal coal prices in the doldrums amid a COVID-19 driven downturn, interest from Japanese utilities to settle prices hasn’t been more lackluster and brings to the fore, once again, the increasing irrelevance of the benchmark system.
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