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Indonesia’s coal reference price down by 2.97pct for November 2018

Coal News - Published on Tue, 06 Nov 2018

Image Source: The Jakarta Post
The Jakarta Post reported that the government has set the Indonesian coal reference price for November at USD 97.90 per tonne, 2.97 percent lower than the price in the previous month, which was set at USD 100.89 per ton as a result of the global coal price, in response to China's ongoing import quota policy. Energy and Mineral Resources Ministry spokesperson Mr Agung Pribadi said the coal price decline was also sparked by the distribution issue in Australia and oversupply in Indonesia.

Mr Pribadi said that “The delay in coal distribution in Australia affected the ICE Newcastle index. There is also an oversupply in in our country as a result of slowing demand from India and China.”

This year, the government targets national coal production of 485 million tons, 25 percent of which is for the domestic market obligation, which is equal to 121.25 million tons.

Data from the Energy and Mineral Resources Ministry up to September show that coal production had reached 70.9 percent of the annual total target, or equivalent to 344 million tons.

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Posted By : Rabi Wangkhem on Tue, 06 Nov 2018
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