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The quarterly benchmark price for metallurgical coal dropped to a six-year low, according to Doyle Trading, amid a global oversupply of the steelmaking ingredient slowing Chinese demand.
Australian coal producers and Japanese steel mills agreed to a fourth-quarter price of $119 a metric ton, down $1 from the third quarter, Grand Junction-based Doyle Trading said in a report Thursday.
The settlement dashes hopes for a rebound in metallurgical coal, which is down 64 percent since reaching $330 a metric ton in 2011. Bloomberg News
