Shenhua Energy says eyes new benchmark for coal exports

SINGAPORE, April 8 (Reuters) - China Shenhua Energy Co Ltd (1088.HK: Quote, Profile, Research, Stock Buzz) (601088.SS: Quote, Profile, Research, Stock Buzz), 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: Quote, Profile, Research, Stock Buzz) $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: Quote, Profile, Research, Stock Buzz) 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)