By CHRIS KAHN (AP)

NEW YORK — Coal company stocks led a rally on Wall Street Friday after published reports said that a Japanese steel maker paid higher prices for coal than expected.

JFE Holdings Inc. reportedly agreed to pay $200 per ton for coking coal in a three-month deal with Australian coal miner BHP Billiton Ltd.

The amount was higher than expected, said William Burns, an analyst with Johnson Rice & Co. Burns, who expected JFE and other companies to pay only about $150 per ton, said this shows how aggressive countries have become in competing with China for natural resources.

"China has become a black hole, and the Japanese steel makers are trying to lock up their supply," Burns said.

The BHP deal probably will set the price for other coal companies going forward, Burns said.

The New York Times also reported Friday that lawmakers from coal states have moved to impose a two-year moratorium on new regulations for greenhouse gases. The lawmakers, including Sen. John Rockefeller of West Virginia, want to delay action by the Environmental Protection Agency to allow Congress enough time to pass its own climate rules.

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ST. LOUIS, Feb 22, 2010 /PRNewswire via COMTEX/ -- The world's largest private-sector coal company has shipped the first coal to the newly constructed 30 million tonne-per-year NCIG export terminal in Newcastle, Australia. The coal was delivered from Peabody's highly productive and low-cost Wilpinjong surface mine in New South Wales. The terminal is set to begin exports in April. "NCIG is perfectly timed to increase throughput as Australia continues to set export records," said Peabody Executive Vice President and Chief Operating Officer Eric Ford. "These volumes are vital for consumers in Pacific Rim nations that have growing needs for quality coal. Asian nations are forecast to account for more than 90 percent of global coal demand growth in the next two decades. We're pleased Peabody could be part of a history-making event for Australia's coal industry." Peabody is investing in a major capital program to expand its Australia metallurgical and thermal platform and is set to nearly double export volumes by 2014. Peabody has the second-largest interest in the NCIG terminal and long-term expansion plans at NCIG ultimately will increase terminal throughput to 66 million tonnes per year. Peabody Energy (NYSE: BTU) had 2009 sales of 244 million tons and $6 billion in revenues. Peabody owns nine metallurgical and thermal mines in Queensland and New South Wales that last year shipped 22.3 million tons of coal. Peabody's coal products fuel 10 percent of all U.S. electricity generation and 2 percent of worldwide electricity.