Indonesia's Ministry of Energy and Mineral Resources has settled its January thermal coal reference price (Harga Batubara Acuan, or HBA) at $158.50/mt, decreasing it by $1.30/mt compared to December levels. The reason for this move has come from growing production in China, according to the official statement.
"The Chinese government is trying to increase coal production in order to meet domestic demand," said Agung Pribadi, head of communications at the Public Information Services and Cooperation Bureau at the Ministry of Energy and Mineral Resources.
As SteelOrbis has learned, the HBA price has continued to decline for the second consecutive month. Specifically, having reached a record of $215.01/mt in November, in December the HBA price has declined to $159.8/mt.