Mechel Carbon Singapore will supply Baosteel Resources with up to 1.2 million metric tons (mt) of coking coal. The term of the agreement runs from April 2014 through March 2015, with a possibility of further prolongation. Prices will be determined on a monthly basis. “The agreement is proof that both we and our Chinese partners aim for long-term cooperation based on transparency and mutual profit. Moreover, the Chinese side voiced interest in additional shipments of various grades of coal. This signed agreement is in line with the new program for the development of Russia’s coal industry until 2030, which calls for an increase of exports to promising Asian markets,” said Mechel Mining Management Co.’s CEO Pavel Shtark. Baosteel Resources accounts for up to 10% of Mechel’s coal exports to the Asia-Pacific region.