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Jakarta, CNBC Indonesia – Coal share price is expected to skyrocket again in trading today. This was triggered by a contract to buy Indonesian coal by China that reached Rs 20 trillion.
In addition, the price of the Newcastle thermal coal futures contract has reached the level of US $ 68.9 / t. This is the highest level since March 30.
Rising coal prices had caused coal stocks to skyrocket yesterday when the Jakarta Composite Index (JCI) was corrected.
PT Bumi Resources Tbk (BUMI) share price jumped 26.32% to Rs 72 / pc. Then PT Indika Energy Tbk (INDY) shares soared 6.16% at a price of Rs 1,465 / pc.
Then PT Delta Dunia Makmur Tbk (DOID) shares rose 4.9% at a price of Rs 300 / pc. Shares of PT Resources Alam Indonesia Tbk (KKGI) rose 3.8% to the price of IDR 218 / unit and PT Borneo Olah Sarana Tbk (BOSS) jumped 3.2% and PT Indo Tambangraya Energy Tbk (ITMG) fell shot 2.28%.
Yesterday, it was reported that China was expected to buy $ 1.47 billion worth of Indonesian coal or about Rs 20.6 trillion (assuming an exchange rate of Rs 14,100 to the US dollar) in 2021.
This is based on the Memorandum of Understanding (MoU) between the Indonesian Coal Mining Association (APBI) and the China Coal Transportation and Distribution, which was signed today Wednesday (11/25/2020).
“We expect an increase in coal exports to China by around 200 million tons next year,” APBI said in its official statement today, Wednesday (11/25/2020), as quoted by Reuters.
However, the amount of coal exports to China will be reviewed every year.
This was confirmed by APBI Executive Director Hendra Sinadia to CNBC Indonesia. He admitted that a memorandum of understanding was signed today between APBI and China Coal Transportation and Distribution.
“Yes, it is true that the MoU was signed,” he said without giving further details.
Indonesia, which is the world’s largest exporter of thermal coal, has even promoted coal sales through diplomatic channels to Southeast Asia, such as Vietnam, in line with falling exports to China.
According to Refinitiv data, China imported 86.88 million tonnes worth of coal from Indonesia from January to October 2020, 24.5% less than the 115.03 million tonnes in the same period last year.
[Gambas:Video CNBC]
(hps / sef)
