1 ZANDANSHATAR GOMBOJAV APPOINTED AS PRIME MINISTER OF MONGOLIA WWW.MONTSAME.MN PUBLISHED:2025/06/13      2 WHAT MONGOLIA’S NEW PRIME MINISTER MEANS FOR ITS DEMOCRACY WWW.TIME.COM PUBLISHED:2025/06/13      3 ULAANBAATAR DIALOGUE SHOWS MONGOLIA’S FOREIGN POLICY CONTINUITY AMID POLITICAL UNREST WWW.THEDIPLOMAT.COM PUBLISHED:2025/06/13      4 THE UNITED NATIONS CHILDREN’S FUND (UNICEF) IN MONGOLIA, THE NATIONAL FOUNDATION FOR SUPPORTING THE BILLION TREES MOVEMENT, AND CREDITECH STM NBFI LLC HAVE JOINTLY LAUNCHED THE “ONE CHILD – ONE TREE” INITIATIVE WWW.BILLIONTREE.MN PUBLISHED:2025/06/13      5 NEW MONGOLIAN PM TAKES OFFICE AFTER CORRUPTION PROTESTS WWW.AFP.MN PUBLISHED:2025/06/13      6 GOLD, MINED BY ARTISANAL AND SMALL-SCALE MINERS OF MONGOLIA TO BE SUPPLIED TO INTERNATIONAL JEWELRY COMPANIES WWW.MONTSAME.MN PUBLISHED:2025/06/13      7 AUSTRIA PUBLISHES SYNTHESIZED TEXTS OF TAX TREATIES WITH ICELAND, KAZAKHSTAN AND MONGOLIA AS IMPACTED BY BEPS MLI WWW.ORBITAX.COM  PUBLISHED:2025/06/13      8 THE UNITED STATES AND MONGOLIA OPEN THE CENTER OF EXCELLENCE FOR ENGLISH LANGUAGE TEACHING IN ULAANBAATAR WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/12      9 MONGOLIA'S 'DRAGON PRINCE' DINOSAUR WAS FORERUNNER OF T. REX WWW.REUTERS.COM PUBLISHED:2025/06/12      10 MONGOLIA’S PIVOT TO CENTRAL ASIA AND THE CAUCASUS: STRATEGIC REALIGNMENTS AND REGIONAL IMPLICATIONS WWW.CACIANALYST.ORG  PUBLISHED:2025/06/12      БӨӨРӨЛЖҮҮТИЙН ЦАХИЛГААН СТАНЦЫН II БЛОКИЙГ 12 ДУГААР САРД АШИГЛАЛТАД ОРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/15     ОРОН СУУЦНЫ ҮНЭ 14.3 ХУВИАР ӨСЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/15     МОНГОЛ УЛСЫН 34 ДЭХ ЕРӨНХИЙ САЙДААР Г.ЗАНДАНШАТАРЫГ ТОМИЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     SXCOAL: МОНГОЛЫН НҮҮРСНИЙ ЭКСПОРТ ЗАХ ЗЭЭЛИЙН ХҮНДРЭЛИЙН СҮҮДЭРТ ХУМИГДАЖ БАЙНА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ БАНК: ТЭТГЭВРИЙН ЗЭЭЛД ТАВИХ ӨР ОРЛОГЫН ХАРЬЦААГ 50:50 БОЛГОЛОО WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ ДАХЬ НҮБ-ЫН ХҮҮХДИЙН САН, ТЭРБУМ МОД ҮНДЭСНИЙ ХӨДӨЛГӨӨНИЙГ ДЭМЖИХ САН, КРЕДИТЕХ СТМ ББСБ ХХК “ХҮҮХЭД БҮРД – НЭГ МОД” САНААЧИЛГЫГ ХАМТРАН ХЭРЭГЖҮҮЛНЭ WWW.BILLIONTREE.MN НИЙТЭЛСЭН:2025/06/13     ЕРӨНХИЙЛӨГЧИЙН ТАМГЫН ГАЗРЫН ДАРГААР А.ҮЙЛСТӨГӨЛДӨР АЖИЛЛАНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/06/13     34 ДЭХ ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР ХЭРХЭН АЖИЛЛАНА ГЭЖ АМЛАВ? WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     “АНГЛИ ХЭЛНИЙ МЭРГЭШЛИЙН ТӨВ”-ИЙГ МУИС-Д НЭЭЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     Г.ЗАНДАНШАТАР БАЯЛГИЙН САНГИЙН БОДЛОГЫГ ҮРГЭЛЖЛҮҮЛНЭ ГЭЖ АМЛАЛАА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/12    

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Events

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Baidu bets it's got upper hand in self-driving race www.chinadaily.com.cn

Baidu Inc expects to have the edge in autonomous driving after years of running China's biggest search engine, arming it with expertise in machine learning and mapping.
 
The internet giant is sticking to a plan to have self-driving cars ply China's roads by 2018, then mass production by 2020. The company will focus on its home market despite road conditions there being much more complex than in developed countries, Chief Financial Officer Jennifer Li told the Bloomberg Markets Most Influential Summit in Hong Kong.
 
Baidu is banking on artificial intelligence and automobiles to provide much-needed engines for growth as its search business decelerates. This year, it's expected to post its slowest pace of revenue growth since going public, as Tencent Holdings Ltd and Alibaba Group Holding Ltd draw advertisers away. Baidu however hasn't outlined a business plan for AI.
 
"AI, it's a technology. And technology itself, until you put it into real applications, into real businesses where it can really transform industries, it's not really of real business value," Li said during an onstage interview. But she predicted "many new business opportunities are going to come out of these core competencies."
 
Like Google Inc, Baidu believes it has advantages in AI that can be used to develop driverless technology, such as internet services that adapt to each user and computers that think and respond like humans. The Chinese company has won approval to test its self-driving technology in California, becoming the 15th company to get permission. And it's also partnered with chipmaker Nvidia Corp to develop the necessary technology.
 
Delving into new areas will be key as its advertising machine peters out. Research firm eMarketer predicted Baidu would fall behind Alibaba in terms of ad revenue this year, thanks in part to a series of well-publicized scandals and increased government regulations.
 
In July, the company warned investors that restrictions on internet advertising would hurt revenue growth for the next two to three quarters and it forecast lower-than-expected sales of 18.04 billion ($2.7 billion) to 18.58 billion yuan in the third quarter.
 
That came as the government implemented rules to limit the number of ads that can be displayed on each page. Baidu is also expecting slower customer growth as it rechecks the credentials of advertisers to ensure their businesses are legitimate.
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Japan to work with Russia on energy development www3.nhk.or.jp

Japan's trade and industry minister and the head of Russia's largest natural gas producer have agreed to work together in energy development.
 
Hiroshige Seko met chief executive of Novatek, Leonid Mikhelson, in Moscow on Saturday.
 
Seko said Japan's economic ties with Russia, which has rich natural resources, developed around the oil and gas sector.
 
Mikhelson said he is glad the bilateral relations are reaching a new level.
 
The 2 agreed that the energy sector is the most important component of the 8-point cooperation plan that Japanese Prime Minister Shinzo Abe has proposed.
The Japan Bank for International Cooperation, together with a French governmental bank, is planning to lend Novatek 60 billion yen or about 580 million dollars for the construction of a liquefied natural gas plant in the Arctic Yamal Peninsula.
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Eyeglass computers speeding up damage assessment www3.nhk.or.jp

Investigators at major non-life insurers in Japan have started using portable digital devices when assessing damage. They say a new generation of technology can help settle claims more promptly.
 
Workers at Sompo Japan Nipponkoa have started wearing high-tech eyeglasses, when they investigate damage to homes and household goods. A camera is embedded in the units.
 
This means claim adjusters don't have to visit accident sites in person. They can remotely instruct field staff to take and transmit the needed images.
 
The adjusters can then study the pictures and determine how much to pay out.
 
Company managers say it currently takes about 2 to 3 weeks to process a claim. They're hoping the technology will lessen the process by 2 days.
 
Mitsui Sumitomo Insurance is using eyeglasses for ocean cargo and overseas factories.
 
Non-life insurers are also investigating traffic accidents by using drones.
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Canadian Gov’t throws $2M lifeline to Newfoundland copper-gold mine www.mining.com

Canada’s federal government is injecting Cdn$2 million (about $1.5 million) into Rambler Metals and Mining’s (LON:RMM) (CVE:RAB) copper and gold mine located in Newfoundland’s Baie Verte
 
The loan will let the London, England-based junior miner increase output at its Ming operation, in production since Nov. 2012 and which has an updated estimated life span of 21 years. Ming was originally expected to run out of copper in 2018.
 
The funding, CBC reports, will also help the miner expand a grinding circuit at its copper-processing facility at Nugget Pond, enabling it to boost its copper concentrator capacity from 650 to 1,250 tonnes a day.
 
This initial expansion had already been fully funded through a $13.1 million (£10.5M) investment made by CE Mining II earlier this year, giving the financier majority control (63%), the company said in late October, when reporting financial results for the year ended July 31.
 
Rambler is also advancing engineering studies on ore pre-concentration and shaft rehabilitation work, with a view to further increase production to 2,000 mtpd at Ming, its flagship mine.
 
The company’s property in Canada contains the former producing Ming and Ming West copper-gold mines. Ming closed operations in 1982, after producing over 2.1 million tonnes of ore grading 3.5% copper, 2.5 g/t gold and 11 g/t silver over 10 years in operations. It was officially reopened in 2011.
 
Ming West Mine run for a shorter period of time — between 1995 and 1996 — producing 271,000 tonnes grading 4.0% copper and 5.8 g/t gold.
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After $195 million in talc verdicts, J&J strives to change court www.reuters.com

After a $67.5 million jury verdict against Johnson & Johnson (JNJ.N) on Oct. 27 marked its third straight trial defeat in an onslaught of lawsuits claiming its talc-based products cause ovarian cancer, the company is hoping to reverse the trend by having the cases heard in a different court.
 
All three awards, totaling around $195 million, were handed down in state court in St. Louis, Missouri, with the same judge presiding. Women or their families have filed 2,500 similar claims, the vast majority in the same court, which is one of several in the United States that attracts consumer lawsuits.
 
The plaintiffs claim studies show J&J's Baby Powder and Shower to Shower products, when used in the vaginal area, increase the risk of ovarian cancer. The company counters that larger, more comprehensive studies show no such link.
 
In a court filing in August, J&J argued the case should be dismissed because plaintiffs’ lawyers tainted the St. Louis jury pool. The company said the other side spent almost $10 million on national and local television commercials in the previous year, with a disproportionate share of them running in St. Louis. The women's lawyers have denied J&J's claim.
 
The company also contended that, because most of them are not from St. Louis and the New Jersey-based company has no strong ties to the area, the cases should not have been heard there. The judge rejected both arguments.
 
John Beisner, one of the top lawyers representing J&J, said the company plans to make the same arguments to the Missouri Court of Appeals. If the St. Louis court is found not to have jurisdiction, the cases would have to be refiled elsewhere.
 
Beisner compared the St. Louis verdicts to a favorable ruling in September from a state court judge in New Jersey. That judge, who is presiding over some 200 talc cases, disqualified the plaintiffs' experts on the grounds that their scientific testimony was too speculative.
 
In the same decision, he dismissed the first two cases set for trial and the ruling is being appealed.
 
J&J unsuccessfully tried to block the testimony of the experts in St. Louis on similar grounds. The company will make the same challenge on appeal, Beisner said.
 
Last week's $70 million verdict followed Missouri jury awards of $72 million in February and $55 million in May.
 
The first big talc verdict in February was won by the family of Jacqueline Fox, who died in October 2015. Their lawyers said she used J&J Baby Powder and Shower to Shower Powder daily for 35 years for genital hygiene before she was diagnosed with ovarian cancer in 2013.
 
Jere Beasley, whose firm has filed hundreds of talc cases, including the three Missouri wins and two New Jersey dismissals, said the verdicts should prompt J&J to make a deal.
 
"If I were representing them, I would say, folks, we need to sit down and regroup and start trying to settle these cases," he said.
 
LARGE VERDICTS
 
Large verdicts are relatively common in major product liability cases, and they are often reduced or overturned on appeal. One lawsuit against Merck & Co over its recalled painkiller Vioxx produced a $253 million verdict in 2005, which was thrown out three years later. Merck eventually settled most Vioxx cases for $4.85 billion in 2007.
 
Shareholders in J&J, which had sales of $70 billion last year, have so far shrugged off the three talc verdicts, the first of the cases to go to trial. But if the trend continues, liability could mount. The company has not reported setting aside any litigation reserve to deal with talc cases, as it has with previous claims over antipsychotic drug Rispardal and recalled hip implants.
 
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J&J no longer sells Shower to Shower, which was acquired by Valeant Pharmaceuticals in 2012. Though not a major seller on its own, Baby Powder is a recognized symbol of J&J’s baby care line, which brought in $2 billion in revenue in 2015.
 
Some legal experts said it made sense for J&J to fight on.
 
"Ordinarily I would say three verdicts like that would prompt you to think about settlement," said University of Georgia Law School professor Elizabeth Burch, who researches product liability cases, but she said J&J's case is somewhat different.
 
A settlement would not necessarily cap J&J's liability, Burch said, because its talc products are still on the market, unlike companies whose products have been recalled.
 
Howard Erichson, a professor at Fordham School of Law, said the company also had valid concerns about the impact of a settlement on its position in the market.
 
"This is not Vioxx. This is not asbestos," Erichson said. "This is a case where the company wants to defend its brand, and is not going to be anxious to announce a big settlement that appears to concede that the product is harmful.
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Euro founding father Otmar Issing warns about project's future www.bbc.com

A founding father of monetary union has given a damning assessment of the euro bloc, saying that not incorporating an exit strategy was a mistake.
Prof Otmar Issing told the BBC's Wake up to Money that faultlines across the eurozone remain, citing economic weakness in Greece, Portugal and Italy.
The European Central Bank's first chief economist also warned about the impact of negative interest rates.
And he said political pressures threatened central banks' independence.
Prof Issing told the BBC that structural problems in the eurozone and dwindling public support in some countries were still major problems.
The euro currency was "stable and performing much better than expected", he said. "But I wish I could say the same about the euro area."
Countries that tipped the bloc into recession during the global financial meltdown were still in serious economic trouble. Greece was in "permanent crisis", and economic reforms in Portugal and Italy were either on hold or being reversed, the professor said.
'Blackmail'
Prof Issing, a former adviser to Germany's Chancellor Angela Merkel, has in recent years become suspicious of the euro project he helped to create, warning that it would collapse without reform.
He told the BBC that it was "mistake in the construction of the whole arrangement that once a member, you remain a member for eternity".
It meant that countries not complying with the eurozone's economic and budgetary rules "can blackmail the others".
Allowing a temporary exit would, for example, have helped Greece to reform its economy so that it could then return later in better financial health.
However, some countries should never have joined the euro in the first place, he said, without naming names. They "were not yet ready to thrive under a single monetary policy and one central bank".
Prof Issing is also increasingly concerned about central banks' use of zero or negative interest rates in a bid to stimulate growth. The policy has been used by, among others, the ECB, Japan, Switzerland and Sweden
It is hindering the recovery of banks, he said, adding: "If it persists for longer, then I think we will see dramatic consequences for insurance companies and pension schemes."
Furthermore, "the longer zero interest rates continue, the more difficult it will be to exit from this situation". A gradual increase in interest rates would not stop companies investing for growth, he believed.
Threat to London
Prof Issing is worried that central banks are straying onto "political turf" and damaging their independence.
He would not discuss Bank of England governor Mark Carney, who has faced criticism from EU Leave campaigners.
The professor is more concerned about the ECB. Because it "is the only game in town" it wields huge power. "This does not foster independence, but undermines it," he said.
On Brexit, Prof Issing said there were too many issues to be resolved before he could speculate on its impact on the eurozone.
But he was certain about one thing - London's position as Europe's financial capital is now under threat.
He thinks the capital's financial centre will not be able to keep the same benefits and freedoms outside the EU. "It will not happen," he said.
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China launches $11 billion fund for Central, Eastern Europe www.reuters.com

China has set up a 10 billion euro ($11.15 billion)investment fund to finance projects in Central and Eastern Europe, Industrial and Commercial Bank of China (601398.SS) (1398.HK) said in a statement issued on Sunday.

The China-Central Eastern Europe fund, announced by Premier Li Keqiang during his visit to Riga on Saturday, will be run by Sino-CEE Financial Holdings Ltd, a company established by the bank earlier this year.

The fund is aiming to raise 50 billion euros in project finance for sectors such as infrastructure, high-tech manufacturing and consumer goods, the bank said.

While targeting Central and Eastern Europe, it could extend to the rest of Europe and other regions if relevant to China-Central and Eastern Europe co-operation, it said.

The fund will be government-backed but will operate under business principles and be guided by the market, it added.

Central and Eastern Europe are part of China's modern Silk Road where Beijing is hoping to carve out new export markets for its companies as the domestic economy slows.

China's Vice Commerce Minister Gao Yan said last year that Chinese companies have already invested more than $5 billion in CEE countries.

But China's push for more investment at the gateway to the European Union comes amid growing calls in top Eurozone economy Germany to restrict Chinese investment in some sectors.

Riga is hosting a summit of leaders from 16 central and eastern European countries and China, a group dubbed '16+1' by Beijing.

China Life Insurance and Fosun Group are also involved in managing the fund, added the statement.

(Reporting by Ma Rong and Dominique Patton; Editing by Simon Cameron-Moore)

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ENGIE and Ferrostaal join forces in Mongolian wind farm project www.gogo.mn

Ulaanbaatar, Mongolia - ENGIE, one of the world’s energy leaders, and Ferrostaal, a leading global project developer and industrial service provider, have signed a joint development agreement to build and operate the Sainshand wind farm project, located in the Gobi Desert.
The project brings more than USD 100 million in foreign direct investment into Mongolia and is in line with the government’s objective to evolve towards a greener economy and a better environment. With a potential reduction of more than 200 tons of CO2 emissions per year, the Sainshand wind farm contributes to the country’s ambitions to reduce its greenhouse gas emissions by 14%. This objective was defined by the Mongolian authorities in the Intended National Determined Contributions (INDC), as part of the Climate Change Agreement, which was negotiated at COP21 last year and which enters into force today, 4 November 2016.
The Sainshand wind farm will have a total installed capacity of 55 MW and will provide the equivalent of the electricity consumption of 130,000 people in Mongolia.
“We welcome ENGIE as a co-developer and sponsor of the Sainshand wind farm project. ENGIE brings extensive expertise in renewable energy, complementing Ferrostaal Group’s long-standing capacity of project development, financing and industrial plant construction. In this first collaboration, we combine our knowledge and expertise in bringing sustainable solutions to Mongolia,” commented Dr. Oliver Schnorr, President of Ferrostaal Mongolia. “This project demonstrates that Mongolia welcomes private investment, from both Mongolian and foreign companies, in partnership with the public sector,” he added.
Benoît Ribesse, Chief Executive Officer of ENGIE Mongolia, said: “Mongolia’s energy system calls for new energy sources. We are committed to the country’s modernization efforts in expanding its power generation infrastructure through sustainable energy sources. As such, we are excited to be part of the Sainshand wind farm project, which is an important step in this direction. The renewable energy sector is evolving fast. Projects based on wind or solar are not only environmentally friendly, they are also becoming more and more economically sustainable thanks to recent innovations.”
The Sainshand wind farm, located 450 km south-east of Ulaanbaatar nearby the Sainshand City, capital of Dornogobi Province, will boost the local and national economy through job creation, fiscal contributions and the supply of clean energy.
Construction is planned to start in 2017, with commissioning of the plant in the second half of 2018.

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Ag Bank of China to pay New York state $215 mln for anti-money laundering violations www.asia.nikkei.com

NEW YORK (Reuters) -- Agricultural Bank of China Ltd will pay a $215 million penalty for violating New York state's anti-money laundering law, the state's financial regulator said on Friday.

Bank officials engaged in "intentional wrongdoing," including masking possibly suspicious transactions at its New York branch. Some transactions involved parties which are subject to U.S. sanctions, the New York State Department of Financial Services said.

The bank also "silenced" the branch's chief compliance officer, who raised concerns to managers about an "alarming" pattern of suspicious financial transactions, the regulator said. Among the transactions were payments from Yemen to Chinese companies and "unusually large" transfers between Chinese and Russian companies.

The bank, in a consent order with the regulator, agreed to put in an independent monitor to address "serious deficiencies," the regulator said.

Officials at Agricultural Bank of China and its New York branch could not be immediately reached for comment.

The bank holds total assets of about $2.8 trillion, including around $9.5 billion at the New York branch, New York state officials said.

Since 2013, the New York branch has cleared U.S. dollar transactions involving foreign correspondent banks in "rapidly increasing volumes," according to the consent order.

In dollar clearing, transactions in foreign currencies between parties are satisfied in U.S. dollars using a U.S.-based bank.

In 2014, the New York regulator warned the bank that its systems for monitoring suspicious transactions were inadequate, and told the bank not to boost its dollar-clearing business until it put improved surveillance measures in place.

While the practice is common, dollar-clearing can be risky for banks since it can be used by criminals and militant groups planning attacks to launder and move money.

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6 reasons coking coal price will tank www.mining.com

Coking coal prices continued to defy gravity on Friday trading at $270.50 a tonne after 18 straight sessions without a down day. According to data provided by the Steel Index premium Australia hard coking coal prices are up nearly four-fold since hitting multi-year lows around $70 a tonne in November last year.

Coking coal has been generally spared from its output cuts, an oft used excuse used to blame soaring prices
The seaborne coal rally was also spurred by supply issues after Beijing’s decision to limit coal mines' operating days to 276 or fewer a year from 330 before as it seeks to restructure the industry. Chinese government stimulus plans which saw steel production and demand for power pick up only added fuel to the fire. Authorities recently relaxed some of the production curbs, but that has done little to cool down the market.

The Steel Index in its monthly coking coal review notes that according to the Chinese National Bureau of Statistics, domestic coking coal production in China is only down only 1.6% for the first 9 months of year, compared to the same period last year, to about 331 million tonnes.

"This implies that coking coal has been generally spared from its output cuts, an oft used excuse used to blame soaring coking coal prices," says TSI.

Another reason the industry is worrying about a coking coal price bubble is speculation by Chinese investors in derivatives of steel, met coal and iron ore (the so-called ferrous complex). Lacklustre domestic equity markets and few investment opportunities on the mainland have seen the emergence of debt-fuelled retail investment frenzy.

The Financial Times quotes a hedge fund manager in Shanghai as saying "hedge funds looking for fixed returns. They’re not familiar with commodities, so [this] strategy looks good to them. Someone else takes the big risk":

But this form of margin lending, known in Chinese as peizi, mirrors the type of shadow bank-style margin financing that helped fuel the Chinese stock market boom last year. Once the market turned, margin calls amplified losses as investors were forced to liquidate their holdings to repay loans.
China imported 24.3 million tonnes of coal in September, up more than 33% compared to last year according to official customs data. But imports were down 14% month-on-month as rocketing prices prompt traders to adopt a wait and see approach to the overheated market.

The market appears to believe that whilst persistently rising spot prices have shifted the front contract months higher, future prices will adjust to reflect a more stable supply/demand dynamic
Beijing's central planning agency tried to reassure the market this week, calling the rise in coal prices "irrational" and also blamed speculation.

Coal stocks at five major ports in north China's Bohai Rim region have risen nearly 50% from August lows of previous weeks to 15 million tonnes, while inventories at major power plants have increased by more than a third to 65 million tonnes according to the National Development and Reform Commission.

The Q4’16/Q4’17 spread at the end of September was priced in around US$45/t, but had risen to US$92/t by October’s end. The market appears to believe that whilst persistently rising spot prices have shifted the front contract months higher, future prices will adjust to reflect a more stable supply/demand dynamic, with long-run pricing around US$145/tonne.
Finally, quarterly contract negotiations may also point to rationality returning to the market. TSI reports fourth quarter benchmark talks had been a "fraught negotiation process with the first settlement only agreed 10 days into the start of the quarter".

Japanese steel mills and various Australian producers agreed to a price of $200 a tonne for premium coking coal deliveries over the last quarter of the calendar year. While this represents a rise of 116% over the previous quarter, it's a long way away from spot prices.

In 2011 floods in key export region in Queensland saw the coking coal price touch an all-time high $335 a tonne. Steam coal peaked just shy of $140 a tonne in January 2011.

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