The biggest buyer of Australian commodities, Korean conglomerate Posco, wants to change the way coal exports are priced, adding to pressure on the nation’s resources sector as China pushes to rewrite the rules for iron ore pricing.
Posco’s head of raw materials procurement, Jahyun Koo, said the systems for pricing Australian coking coal were being distorted by a small number of transactions that inflate prices, and it was time for the industry to collaborate on a new model.
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