Kobe Steel, Sumitomo Metal Obtain 10% Price Cut for Coking Coal
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Sumitomo Metal Industries Ltd. and Kobe Steel Ltd., Japan’s third- and fourth-largest steelmakers, obtained a 10 percent reduction in the price of coking coal, a key raw material.
Sumitomo Metal agreed to pay Anglo American Plc and BHP Billiton Ltd. about $285 a ton for the three months starting Oct. 1, compared with $315 a ton this quarter, according to an e-mailed statement. Kobe Steel settled a deal with suppliers at about $285 a metric ton, Ryuichi Nakagami, a spokesman for the Kobe-based company, said today by telephone.