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Nippon Steel gives up coking coal pricing role as influence wanes

Reuters  |  TOKYO 

By Yuka Obayashi and Ritsuko ShimizuTOKYO (Reuters) - Nippon Steel & Sumitomo Metal, Japan's top steelmaker, has given up its decades-old role in setting global coking coal prices because the rise of Chinese and Indian rivals has weakened its influence over the market, an executive said. The shift - after years of pressure from the world's biggest miner BHP Billiton, and which involves crafting a pricing formula closely linked to three spot price indexes - shows how far Japan's once mighty steelmakers have fallen. Nippon Steel stepped down as top negotiator on the coking coal benchmark, also ...

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First Published: Fri, June 16 2017. 15:52 IST