Indonesia’s benchmark thermal coal price (Harga Batubara Acuan, or HBA) touched a multi-year high in March 2018. The HBA rose 1.2% month-on-month (m/m) to US$101.86 per metric ton (MT) in March 2018, its highest position since May 2012. There are two key reasons that cause momentum for coal prices: (1) stable coal demand in China as well as rising coal demand in India, and (2) limited coal production due to weather conditions.
