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Global miner BHP take a 58% price cut in coal

By   || June 10, 2009 at 03:52 GMT
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BHP Billiton has agreed to a 58% price cut for the coal it sells to major steel makers. This is pretty much in line with the expected cut of 60% analysts had forecast. The deal signals a looming price cut in other main steel making ingredient, Iron ore.

The 58% cut in price equates to a benchmark of $128 per tonne, down from $300 per tonne.

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