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Nippon Steel to use market rate for buying coking coal

Japanese major hopes the shift from negotiations brings pricing flexibility

Nippon Steel's Kimitsu Works in Japan

TOKYO -- Nippon Steel & Sumitomo Metal plans to end its usual practice of negotiating coking coal prices with mining companies and instead adopt an international benchmark. The Japanese steelmaker expects the change to give it more flexibility in adjusting prices.

The company wants to switch to market prices starting with contracts for the April-June period this year.

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