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Tokyo Electric Power Co Inc, Xstrata PLC Seal Coal Deal On Index-linked Prices-DJ

Wednesday, 19 Dec 2012 12:36am EST 

Dow Jones reported that Tokyo Electric Power Co Inc has agreed to purchase Australian thermal coal from Xstrata PLC next year on an index-linked basis that will allow for more flexible pricing of the commodity. Under the terms of the agreement, pricing for Xstrata's thermal coal will be linked to the globalCOAL Newcastle index, with a premium of around USD2 a metric ton. The contract will run from January through December 2013. The prices Japanese utilities pay for Australian coal under long-term contracts are widely used as an Asian benchmark.