Jakarta, CNBC Indonesia – Coal prices are down again. Not just down, but melted down.
Yesterday, the price of coal on the ICE Newcastle (Australia) market was at US$ 181.95/ton. Loss of 14.62% compared to the day before. This is the deepest daily correction since October 6, 2021.
This correction made the price of the black stone weaken for seven consecutive days. In those seven days, the price fell 30.02%.
profit taking (profit taking) seems to still be whacking the price of coal. Understandably, the price has gone up very high before.
In the last month, coal prices still recorded an increase of 2.04% point-to-point. Since the end of 2020 (year-to-date), the price is still up 122.57%.
So, naturally investors will be tempted by how that big. There will definitely come a time when investors are busy cashing out profits, and it seems that has been the case for the past week.
In addition, the market is also responding to China’s policy plan that will try to suppress coal prices. The trick is to boost production and speed up imports to foster stockpiles to be sufficient for winter needs.
China’s National Development and Reform Commission (NDRC) is studying various intervention measures in order to lower coal prices. President Xi Jingping’s government is committed to making every effort to bring coal prices down to more reasonable levels.
CNBC INDONESIA RESEARCH TEAM
(aji / aji)