ASIATODAY.ID, JAKARTA – The Ministry of Energy and Mineral Resources of the Republic of Indonesia released the reference coal price for the period November 2023, where the reference coal price for four categories of calorific value all increased.
The latest reference coal price is contained in the Decree of the Minister of Energy and Mineral Resources Number 394.K/MB.01/MEM.B/2023 concerning Reference Metal Mineral Prices and Reference Coal Prices for November 2023 dated November 10 2023.
Based on the Minister’s decision, the reference coal price with a calorie equivalent of 6,322 kcal/kg GAR, total moisture 12.26%, sulfur 0.66% and ash 7.94% is set at $139.8 per ton. This value has increased compared to the reference coal price in October 2023 which was set at $123.96 per ton.
Then, for reference coal price I with an equivalent calorific value of 5,300 kcal/kg GAR, total moisture 21.32%, sulfur 0.75%, and ash 6.04% is set at $103.2 per ton. This price has increased significantly compared to last month’s price.
In October 2023, coal with this calorie equivalent will be priced at $81.38 per ton. For reference coal price II with an equivalent calorific value of 4,100 kcal/kg GAR, total moisture 35.73%, sulfur 0.23% and ash 3.9% is set at $52.86 per ton or an increase compared to October 2023 which was at the price $50.41 per ton.
Finally, the price of reference III coal with an equivalent calorific value of 3,400 kcal/kg GAR, total moisture 44.30%, sulfur 0.24% and ash 3.88% is at US$28.49 per ton. This value has also increased compared to the October 2023 period which was at $25.50 per ton.
Meanwhile, global coal prices strengthened amid India asking Australia to take steps to ensure a stable supply of coking coal.
Based on Bloomberg data, the price of ICE Newcastle coal for the December 2023 contract rose 0.99% or 1.25 points to $127.25 per metric ton on Wednesday (11/15/2023). Then, the ICE Newcastle coal contract for November 2023 rose 0.61% or 0.75 points to $123.25 per metric ton.
The Indian government will ask Australia to take steps to ensure stable supplies of coking coal, in a bid to help steel mills reeling from falling supplies and rising prices of the key raw material in steelmaking.
The most senior official in India’s Steel Ministry, Nagendra Nath Sinha, is expected to meet Australia’s high commissioner to India, Philip Green, and discuss the coke requirement. The two are expected to meet on Friday (17/11).
Australia alone accounts for more than half of India’s coking coal imports, namely around 70 million metric tons per year. However, although large Indian producers still depend on Australia, especially on certain types of commodities, if erratic weather conditions impact Australia’s coking coal supply, Indian steel mills are trying to turn to other countries such as Russia. India also imports coking coal from America. (AT Network)
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