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Market Update : 
BOJ Left Rates at 0.5%, Coal Price Surges
Author: 123jump.com Staff
123jump.com
Last Update: 8:52 AM EDT April 09 2008

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The new governor at the Bank of Japan left key interest rate unchaged at 0.5% and warned that economy is sluggish and private investment from businesses is declining. Japanese steelmakers agreed to pay nearly three times for the coking coal from Australia. Coal miners in Australia have raised prices for the last five years to take advantage of economic boom in China and India. Earlier South Korea agreed with a similar price hike.

 
Other homebuilders declined as well. Sumitomo Realty shed 5.65% and Daiwa House Industries edged down 4.65%.

Nippon Steel to triple payments for coal

Bloomberg news reported today that Nippon Steel has agreed to pay BHP Billiton Ltd. and Mitsubishi Corp. three times more for coking coal at $300 a metric for the year started April 1 this year from $98 a ton in the year just ended.

According to the spokesman of the company Hiroshi Nakashima, the increase will add about 3 trillion yen in cost for Japan''s blast furnace mills.

Similarly, South Korean steel maker Posco has also agreed to pay three times as much for its coking coal.
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