Japan Coke Import Price Hits New Record in May

Japanese coke import unit price increased by 16.5% to CIF 58,600 yen per tonne in May from April topping former record 53,300 yen in May 2004, according to Ministry of Finance. Japanese import price of steel making raw materials including iron ore and coking coal increased along with higher ocean freight. International coke price increased due to higher coking coal price and higher tariff by China. Japanese import unit price has kept increasing since recent bottom in May 2007 and the price from China hit 59,300 yen per tonne in May. The iron ore import price increased by 8.7% in May from a year earlier while the hard coking coal price increased by 61.4%. The higher price for fiscal 2008 could impact on the import price in June and after due to delayed settlement for Australian ore and delayed shipment for coking coal though iron ore price increases by 65% for Brazilian ore and by 200% for hard coking coal.