* Price same as term contract that ended last month -sources
* 11.5 pct increase from April-March contract -sources
TOKYO, Oct 13 (Reuters) - Glencore Plc and Tohoku
Electric Power Co have settled an Australian thermal
coal import contract for October 2017-September 2018 at $94.75 a
tonne, the same price as the term contract that ended last
month, people familiar with the matter said on Friday.
The price set for the year starting this month represents an
11.5 percent increase from the April-March contract. The people
spoke on condition of anonymity because they weren't authorised
to discuss the matter publicly.
The price of benchmark prices for thermal coal at
Australia's Newcastle terminal rose 45 percent from the closing
low of $71.30 a tonne on May 16 to a peak of $103.50 on Sept.
12, providing a bonanza for miners in Australia and Indonesia,
the two largest exporters of thermal coal used in power
Glencore is the world's biggest supplier of sea-traded
thermal coal and usually sets pricing for the sector. Thermal
coal is used to generate electricity.
(Reporting by Yuka Obayashi and Aaron Sheldrick in TOKYO and
James Regan in SYDNEY; Editing by Edwina Gibbs and Kenneth
First Published: 2017-10-13 04:22:35
Updated 2017-10-13 05:03:23
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