Posco to Pay Anglo American 7% More for Coking Coal, Platts Says

Posco (005490), a South Korean steelmaker, agreed to pay Anglo American Plc (AAL) $225 a metric ton for coking coal in the third quarter, 7 percent more than in the second quarter, Platts reported.

The companies signed the contracts today, Platts said on its website, citing people it didn’t identify. Posco agreed to pay $162 a ton for pulverized coal, a 5 percent increase from the second quarter, Platts said.

The quarterly price increases follow coal-supply “tightness” because of strikes at BHP Billiton-Mitsubishi Alliance’s mines in Queensland, Platts said.

To contact the reporter on this story: Sonja Elmquist in New York at selmquist1@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.