Futures topped $90 a tonne on Wednesday amid increasing concern the crisis at Brazil’s Vale SA will be drawn out as regulators ordered dozens of dams to be shut.
The price, which serves as an industry benchmark for supplies of seaborne thermal coal in Asia, was 14% lower than a price agreed for the year through September this year.
Iron ore prices in China reached a record high on Tuesday as market participants wrestled two dilemmas, namely the weather-related disruptions from Australia and the safety outages in Brazil.
Commodities had their best quarter in almost three years, but demand outlook is running into troubling signs in the U.S. and China, the two biggest consumers.