Glencore Plc and Tohoku Electric Power Co. Inc. have settled an Australian thermal coal import contract for October through September 2018 at $94.75 a tonne, Reuters reported Oct. 13, citing sources familiar with the matter.

The contracted price posted an 11.5% increase over the April-March 2018 contract, which was settled at $85 per tonne in May.

Benchmark prices for thermal coal at Australia's Newcastle terminal surged 45% from the closing low of $71.30 a tonne in May to a peak of $103.50 on Sept. 12, the report said.

The Swiss miner and commodity trader expects to produce roughly 135 million tonnes from its mines in Australia, Colombia and South Africa this year.