PTI reported that Indian steel makers are reluctant to finalize annual contracts for coking coal for 2009-10 as they are pitching for a price below USD 100 per tonne against a high of USD 300 a tonne in 2008.

The report cited Mr V Saran chairman of VISA as telling PTI that "The global coking coal suppliers are seeking price of around USD 150 per tonne but we want the price of a year back when it was USD 96 per tonne to USD 98 per tonne for annual contract.”

He also said the company was in the midst of negotiations and no final pricing has arrived yet.

Saran said the picture was similar for other major Asian steel makers, which were also lobbying for global metallurgical coal prices at one-third the price in fiscal 2009, from their record high of USD 300 a tonne.

Mr Sajjan Jindal vice CMD of JSW Steel had earlier said that "We are expecting close to USD 100 a tonne, which is 66% lower than the present contracted rates.”

(Sourced from PTI)