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Indonesia warns coal supply crunch not over as China prices rally

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JAKARTA: Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday's review of its export ban, unnerving global markets for the fuel used to generate most of the electricity that drives Asia's biggest economies.

Coal futures in China, the world's biggest consumer of the fuel, surged on Tuesday after Indonesia, the top exporter of the coal used in power plants and China's largest overseas supplier, on Saturday banned exports for January to avoid outages at the generators run by state-owned utility Perusahan Listrik Negara .

Late on Monday, PLN said it has secured 3.2 million tonnes of coal out of the 5.1 million tonnes of additional supply for January it needs to avoid widespread outages. He threatened to revoke the business permits of miners which failed to meet a so-called domestic market obligation that requires them to sell 25% of their coal output to the domestic market at a maximum price of $70 per tonne.

Pandu Sjahrir, chairman of the Indonesian Coal Miners Association, said as a"very short-term solution" the group's ten biggest members will help PLN close the supply gap.

 

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