Jakarta, CNBC Indonesia – Coal prices remain high ascend. The price of black stone has now risen for eight consecutive days.
Yesterday, the price of coal on the Newcastle ICE market closed at USD 184.5 / tonne. Up 0.54% from the previous day’s closing position.
This increase responds to the growth trend in coal prices for eight consecutive days. During these eight days, the price climbed 26.59%, incredible …
There are at least two factors that cause the increase in coal prices. First, after peaking on October 5, 2021, where the price reached US $ 280 / tonne, the price of this raw material fell to US $ 137.1 / tonne on November 2, 2021. There was a correction. by 51.03%.
After November 2, 2021, coal prices tended to increase and peaked yesterday with prices reaching US $ 184.5 / tonne. So, from November 2, 2021 until yesterday, the price increased by 34.57%.
It is true that the price of coal has risen by more than 34%. But remember, the price had dropped by over 51%. So room for the charcoal to print technical rebound always open.
Second, there is hope that demand for coal will increase, especially in China. The Panda Country real estate sector, which is suffering from the debt crisis, has received a boost from the government. For example, the government of President Xi Jinping has ordered banks to increase lending to the real estate sector in order to reduce the pressure on Evergrande cs’ cash flow.
The boom in the real estate sector will increase the demand for steel. The steel industry is an energy intensive industry and the source of this energy is coal.
CNBCINDONESIA RESEARCH TEAM
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