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Shenhua Energy says eyes new benchmark for coal exports

Mon Apr 7, 2008 8:38pm EDT

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SINGAPORE, April 8 (Reuters) - China Shenhua Energy Co Ltd (1088.HK) (601088.SS), the world's most valuable coal producer, said on Tuesday that it plans to benchmark its 2008 export prices against Australia's Xstrata's (XTA.L) $125 a tonne.

"We will benchmark our prices to the Australia miner's," Shenhua Energy president Ling Wen told Reuters on the sidelines of a mining conference. "The prices are not definite yet, but we won't differ too much."

Top thermal exporter Xstrata Plc won the deal with Japan's Chubu Electric (9502.T) on Friday, one source involved in the deal told Reuters, setting a $125 a tonne benchmark.

This was a 125 percent rise in Australia's thermal coal prices in the industry's first annual deal. (Reporting by Daryl Loo; editing by Saeed Azhar)



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