Austral Coal Ltd has completed its negotiations with Japanese steel mills for 2004/05, gaining above average prices for its coal, five-year contracts and locking in a pricing mechanism for future negotiations. Managing director Ugo Cano said prices for Austral's coking coal exceeded the market average by as much as 25 percent. "All contracts with steel mills will have a five year term and will incorporate market based pricing mechanisms for future price adjustments over the term of these contracts. Agreement has also been reached with Brazilian steel mills at comparable prices," Carlo said. "Negotiations with Austral's remaining customer base is well advanced with the current high demand for the company's products and limited worldwide supply justifying similar price increases."
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