Leading Japanese buyer Tohoku Electric Power and Australian producer Glencore have reached an agreement on Octoberstarting term supplies of thermal coal, after Glencore signficantly dropped its asking price, market participants said on 2 October. The two companies have settled at a fixed price of around $109.77/t for premium GAR 6,322 kcal/kg Australian coal, the market participants said, after starting their talks last month for supply from October 2018 to September 2019. The parties normally decline to release details of their agreement or volumes involved.
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