JAKARTA – Coal prices rose again in trading this afternoon. Where yesterday, the price of coal had fallen by 8.32%.
The price of coal on the NewCastle ICE market for the June 2022 contract rose 2.12% to USD366.10 per tonne. For the past 5 days, coal prices have slumped cumulatively by 9.33%.
In addition, for the July 2022 contract, the price of this black gold commodity crawled 4.2% to US$ 340.15 per ton. For the contract in May 2022, the price of coal remained at the level of US$ 403 per ton, a slight decrease of 0.41% compared to the previous trade.
This price increase was caused by several factors. For example, the projected decline in global coal supply in May to 79.2 million tons.
According to DBX data, this is due to countries in Europe and Japan speeding up shipments of these commodities before banning exports from Russia in August.
Then, coal demand from India is estimated to continue to increase because electricity use there is predicted to soar due to extreme temperatures there.