New Record: Coal Reference Price at US$323.91/Ton in June 2022
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The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set the June 2022 Coal Reference Price (HBA) at US$323.91 per ton.
This figure is up 17%, or US$48.27 per ton, compared to the previous month's price, marking the highest price ever recorded since the first HBA record.
According to Agung Pribadi, Head of the Bureau of Communication, Public Information Services, and Cooperation (KLIK) at the Ministry of ESDM, several factors contributed to this price increase, including the power crisis in India due to the heatwave.
"The Indian government has increased its coal imports due to the tight supply of coal from domestic producers for its power plants," Agung said in a press release on Saturday (4/6/2022).
Besides India, the HBA was also influenced by the increased demand for coal from China.
"Their demand has also increased because power plants there are starting to stockpile coal for the autumn. Furthermore, there is a policy to eliminate coal import taxes in China for the next 9 months," Agung explained.
Another important factor driving up the HBA is the geopolitical situation in Europe due to the Russia-Ukraine conflict. The European Union has issued a policy to stop importing coal from Russia starting August 2022.
"Buyers from Europe are starting to actively seek coal supplies from Asia," Agung explained.
(Also Read: BRI Limits Credit to the Coal Industry, This is the Amount of Assistance Provided Since 2019)
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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