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. Read more
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