You are here: Home » Reuters » News
Business Standard

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 ...

This article is no longer available in our repository.

There could be multiple reasons for this.

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