Jakarta, CNBC Indonesia – The price of the Newcastle thermal coal futures contract finally reached the level of US $ 70 / ton after strengthening 0.86% until the close of trading yesterday, Thursday (26/11/2020).
Now the price of this gemstone is recorded at its highest level in the last eight months or to be precise since March 30, 2020. month to date This actively traded contract has shot up 18.14%.
China said coal imports from Australia had failed to meet environmental standards set by the Chinese Ministry of Foreign Affairs, causing dozens of shipments to be stuck at ports.
“In recent years, it is the custom of the Chinese people to conduct risk monitoring assessments of the safety and quality of imported coal, and we find that many imported coals fail to meet environmental standards,” said ministry spokesman Zhao Lijian.
Customs data shows China’s coking coal imports from Australia slumped in October to 1.53 million tonnes, or about 26% of total fuel imports, the market share of imports slumping compared to 30% in September and 78% in March last year. highest level since at least 2018.
Unlike Australia, whose coal exports to China are problematic, Indonesia is in fact the arrival of blessings. China will buy thermal coal worth US $ 1.467 billion from Indonesia next year, said the Indonesian Coal Mining Association (APBI).
The trade deal was signed between APBI and China Coal Transportation and Distribution on Wednesday. As a result, the significant increase in coal prices throughout this month plus good news from China has made domestic coal stocks soar today.
The share price of PT Indo Tambangraya Megah Tbk (ITMG) shot up 2.83%. Then there was the share of PT Adaro Energy Tbk (ADRO) which rose 3.31%. PT Indika Energy Tbk (INDY) shares rose 3.03% and state-owned mining company PT Bukit Asam Tbk (PTBA) which rose 2.54%.
CNBC INDONESIA RESEARCH TEAM
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