The price has been fixed for premium grade coal, which is 15% less when compared to prices in June quarter this year.
Around 20 million tons of Australian-mined coal has been settled under the contract for the quarter.
Between September 2010 and September 2012, coking coal prices were above $200 a ton, but later; the supply outpaced the demand which triggered fall in price.
Reuters cited IHS Coal senior manager for consultancy Marian Hookham as saying: "It has been done at $93 a ton, that is the settlement.
"We anticipate closures in the United States to speed up if this price is finalized.
"For Australia, there is some insulation from the exchange rate, but certainly some sectors in the industry will be producing at a loss."
