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Mining Giant Glencore Strikes One of Japan’s Most Expensive Ever Coal Deals

  • Nippon Steel will buy coal at $375 per ton through March 2023
  • Coal prices are surging as the world shuns Russian shipments
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Glencore Plc, the mining and commodity trading giant, agreed to supply coal to a Japanese customer at one of the highest prices ever paid by the nation, threatening to further accelerate inflation.

Nippon Steel Corp. agreed on an annual supply deal through March with Glencore for power plant coal at $375 per ton, according to people with knowledge of the deal, who asked not to be identified because the information is private. The agreement is three times more expensive than similar deals done last year, and is likely one of the costliest coal contracts ever signed by a Japanese company, one of the people said.