Phew!
The big Asian coal importers are relieved.
A little less than two weeks after having decreed an embargo on its coal exports, Indonesia has backtracked and is opening the floodgates again.
This stoppage of sales abroad had pushed prices up.
Coal listed in China's Qinhuangdao rose 3% in the space of a week, from December 31 to January 7, according to data provider Platts, while the price in Shaanxi, another listing, inflated 5% according to Trading Economics.
On Thursday, the Indonesian government announced that it was finally allowing 37 ships to load.
This fleet can carry 1 million tonnes, i.e. one-thirtieth of the country's exports recorded in January 2021.
A capped price
Prices were shaken by this surprise embargo because Indonesia is the world's second largest exporter behind Australia, and even the first for thermal coal, that intended to burn in power plants.
The rest of the coal...
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