Coal Leads the Rise in Indonesian Mining Commodity Prices in 2022

According to data from the Ministry of Energy and Mineral Resources (ESDM), prices of four Indonesian mining commodities increased in the last year, while prices of ten other mining commodities decreased.

The highest increase occurred in coal, in line with the rise in global coal prices due to the Russian invasion of Ukraine, which disrupted global supply.

The Indonesian Coal Reference Price (HBA) in December 2022 was US$281.48/ton, surging 76.16% compared to December 2021 (year-on-year/yoy).

This price surge boosted Indonesia's coal exports to US$38.87 billion during the January-October 2022 period, a 90.33% increase compared to January-October 2021.

Other mining commodities that increased in price over the past year include nickel, which grew by 20.57% (yoy) to US$23,907.73/dmt in December 2022.

There was also chromite ore, which increased by 19.17% (yoy) to US$4.04/dmt, and manganese, which increased by 1.5% (yoy) to US$4.07/dmt in December 2022.

On the other hand, a number of Indonesian mineral mining commodities decreased in price over the past year. The sharpest decline occurred in copper, whose price weakened by 19.85% (yoy) to US$7,890.73/dmt in December 2022.

The price of silver as a by-product also fell by 17.08% (yoy) to US$20.19/oz, the price of lateritic/hematite/magnetite iron ore fell by 15.74% (yoy) to US$1.27/dmt, and aluminum fell by 15.74% (yoy) to US$2,282.98/dmt in the same period.

The following is a list of prices for 14 mineral and coal commodities according to ESDM data in December 2022:

1. Cobalt (US$/dmt): 51,510.45
2. Nickel (US$/dmt): 23,907.73
3. Copper (US$/dmt): 7,890.73
4. Zinc (US$/dmt): 2,927.73
5. Aluminum (US$/dmt): 2,282.98
6. Lead (US$/dmt): 2,031.00
7. Gold as a by-product (US$/oz): 1,690.86
8. Coal (US$/ton): 281.48
9. Silver as a by-product (US$/oz): 20.19
10. Titanium Concentrate (US$/dmt): 14.09
11. Ilmenite Concentrate (US$/dmt): 7.65
12. Manganese (US$/dmt): 4.07
13. Chromite Ore (US$/dmt): 4.04
14. Lateritic/Hematite/Magnetite Iron Ore (US$/dmt): 1.27