Global miner BHP take a 58% price cut in coal

BHP Billiton has agreed to a 58% price cut for the coal it sells to major steel makers. This is pretty much in line with the expected cut of 60% analysts had forecast. The deal signals a looming price cut in other main steel making ingredient, Iron ore. The 58% cut in price equates to a benchmark of $128 per tonne, down from $300 per tonne.