BHP can’t do for coking coal prices what it did for iron ore
World’s number one miner BHP Billiton under ex-CEO Marius Kloppers deserve (and take) much of the credit for dragging the iron ore market out of the financial stone age.
By pushing hard against bigger rivals Vale and Rio Tinto which favoured the old annual negotiated contract system, in 2009 BHP helped double the price of iron ore overnight.
Just for good measure, free-on-board pricing were also dropped in favour of CFR which gave Australian producers a huge advantage over South African and particularly Vale’s Brazilian ore, reaping billions for the industry.
BHP has been working hard to repeat the 2010 move in the coking coal market, but has so far met with little success.
Read more at: http://www.mining.com/bhp-cant-do-for-coking-coal-prices-what-it-did-for-iron-ore-11914/
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