(Corrects to show $84.97 is for annual prices, not quarterly, and to show $94.75 was set in October, not last quarter.)
TOKYO/SYDNEY, May 9 (Reuters) - Glencore and Japanese power utilities have settled annual thermal coal contract prices at $84.97 a tonne, down from $94.75 set in October, three sources said on Tuesday.
Glencore reached the settlement with Japan’s Tohoku Electric after negotiations restarted when an initial round of talks failed to reach agreement, an industry source with knowledge of the matter said.
Australian Newcastle spot cargo prices last traded at $77.70. Thermal coal is used to generate electricity.
Glencore is the world’s biggest supplier of sea-traded thermal coal and usually sets pricing for the sector. (Reporting by Yuka Obayashi and Aaron Sheldrick in TOKYO and Jim Regan in SYDNEY; Editing by Richard Pullin)