Glencore Plc and Tohoku Electric Power Co have settled an Australian thermal coal import contract for October 2017-September 2018 at $94.75/t, the same price as the term contract that ended last month, people familiar with the matter said on October 13.
The price set for the year starting this month shows an 11.5% increase from the April-March contract, the informed people said.
The price of benchmark prices for thermal coal at Australia's Newcastle terminal rose 45% from the closing low of $71.30/t on May 16 to a peak of $103.5/t on September 12, providing a bonanza for miners in Australia and Indonesia, the two largest exporters of thermal coal used in power stations.
Glencore is the world's biggest supplier of sea-traded thermal coal and usually sets pricing for the sector.
(Writing by Becky Du Editing by Harry Huo)
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