Russian coking coal producers are starting to raise the prices of their products as of October this year representing their first price increases since the start of the global economic crisis. According to SteelOrbis, the increase is seen as an indication that the difficult times for Russian coal miners are approaching their end and that the coal sector which was the first to feel the consequences of the financial crisis is registering a progressive reanimation. The Russian coal mining company Belon Group is the first domestic company to announce an increase in its coking coal price, up almost 62% compared to the price level of the H1 of the year. Accordingly, during the current week Belon more recently has signed coking coal supply contracts for the next four months at a price level of RUB 3,000 per metric ton ($104.70/mt) to RUB 3,100/mt ($108.19/mt) FCA Kuzbass. Meanwhile in October, the other Russian mining companies will also increase their prices of coking coal by approximately 50% to 60%.
