Jakarta, CNBC Indonesia – Coal prices posted an increase throughout this week. However, the rate of increase is slowing.
So far this week, the price of coal on the ICE Newcastle (Australia) market rose 1.62% on a point-to-point. The price of the black stone managed to penetrate the psychological level of US$ 400/ton.
However, the rate of increase in commodity prices has slowed. The previous week, prices rose 4.88%.
ADVERTISEMENT
SCROLL TO RESUME CONTENT
–
This is because the price of coal fell for three days in a row during 27-29 July 2022. In those three days, the price fell 7.84%.
There are several factors that can lift the price of coal. First, the supply of natural gas from Russia to Europe is still tight. Gazprom, an oil and gas company from Russia, said the repairs were the cause of the lack of gas delivery through the Nord Stream 1 pipeline.
However, suspicions arose because relations between Russia and European countries were deteriorating. Russia’s attack on Ukraine made the European Union impose various sanctions on the country led by President Vladimir Putin. The smell of revenge is very thick here.
The drag of gas supply from the Nord Stream 1 pipeline makes the countries of the Blue Continent return to the stone age, coal. The coal-fired steam power plant (PLTU), which was originally set to retire soon, has been re-employed. Otherwise, the Blue Continent was in danger of returning to the dark ages. Dark in the truest sense, no electricity. The high demand for coal from Europe makes prices rise.
Next Page –> Russian Coal is Hot Selling
–
