Indonesia Cuts Coal Benchmark Price for the Fourth Month
Indonesia has lowered coal benchmark price by 5.51% in Dec'18 to USD 92.51/MT FOB vessel, from USD 97.90/MT in Nov'18, the Energy and Mineral Resources Ministry said in a statement on Wednesday, Dec. 5.
It's the fourth time the government cuts monthly benchmark prices. The monthly coal benchmark price has dropped 14.2% from the highest price in more than 6 years, which was hit in Aug'18 at USD 107.83/MT.
The cut in benchmark price was due falling monthly indexes. Indonesian Coal Index (ICI) fell 3.61%, NEX dropped 6.88%, globalCoal Newcastle was down 7.04% and Platt's dropped 3.73%.
“Looking global market condition, the drop in December benchmark is affected by coal import restriction applied by the Chinese government, which has slowed China's demand,” the ministry said in the statement.
Softening demand from India, one of Indonesia's key buyers, has added pressure on prices amid a bumper coal production in Indonesia, causing oversupply in the country, the ministry added.
The Indonesian coal benchmark price is calculated on calorific value of 6,322 kcal/kg basis. The formula is an average of the Indonesia Coal Index (ICI-1), Platts-5900, Newcastle Export Index (NEX) and globalCoal Index. The benchmark is used for both spot and term contracts.
source: SteelMint
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