Mechel, one of the leading Russian mining and metals companies, has announced that its subsidiary Mechel Carbon (Singapore) has signed a memorandum for supply of coking coal with Baosteel Resources, Chinese steel giant Baosteel Group's wholly-owned subsidiary focusing on raw materials supply.
According to the memorandum which was signed on March 18, Mechel Carbon is due to directly supply Baosteel with an annual volume of 960,000 mt of coking coal, with the one-year contract subject to prolongation. The price will be corrected monthly.
Up until March 1, 2013, Mechel Carbon has directly supplied a total of 252,000 mt of coking coal to Baosteel Group's major production facilities in Shanghai, Guangdong, Jiangsu and Zhejiang.
Source:
http://www.steelorbis.com/steel-news/latest-news/mechel-carbon-signs-coking-coal-supply-agreement-with-baosteel-748291.htm
