High and Persistent Demand Drives Coal Prices Higher Throughout Q3 2023

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Adi Ahdiat 04/10/2023 12:48 WIB

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According to World Bank data, Newcastle coal prices strengthened throughout the third quarter of 2023, following a period of normalization in the first half of the year.

Average Monthly Newcastle Coal Price (January 2020-September 2023)

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Average Monthly Newcastle Coal Price (January 2020-September 2023)

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According to World Bank data, coal prices strengthened throughout the third quarter of 2023, after normalizing in the first half of the year.

In July 2023, the average price of Newcastle coal was US$140.63 per ton. The price then continued to rise, reaching US$162.47 per ton in September 2023.

Cumulatively, the average price of Newcastle coal during the July-September period this year increased by 15.5%.

Coal prices are projected to remain strong due to high demand, despite discussions of energy transition.

Although many parties advocate for a shift from fossil fuels to renewable energy, most industry players still use coal as the primary energy source due to its low cost.

This was stated by Septian Hario Seto, Deputy for Investment and Mining Coordination at Indonesia's Coordinating Ministry for Maritime Affairs and Investment.

"In reality, coal demand will continue to increase," Septian said at the Coaltrans Asia conference in Bali, as reported by Reuters on Wednesday (September 27, 2023).

The Reuters editorial team covering the conference also reported, "Coal industry players no longer believe that renewable energy can be utilized quickly, cheaply, and can displace fossil fuels from Asia's energy mix."

This view also seems to be shared by the Indonesian government. In the Electricity Supply Business Plan (RUPTL) 2021-2030, the government projects that national coal needs will continue to increase, even if Indonesia implements a low-carbon economic scenario.

Based on the low-carbon scenario in the RUPTL, during the 2021-2030 period, Indonesia will add 13,800 megawatts (MW) of coal-fired power plant (PLTU) capacity.

Accordingly, Indonesia's coal needs for electricity generation are projected to increase from 111 million tons in 2021 to 153 million tons in 2030.

Editor : Adi Ahdiat

"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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High and Persistent Demand Drives Coal Prices Higher Throughout Q3 2023

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