Coal Prices Frozen for Four Days: Is China Really to Blame?

Jakarta, CNBC Indonesia - Coal prices remain stagnant. In trading on Tuesday (23/6/2026), the price of coal closed at US$131.6 per tonne, edging up slightly by 0.07%. The price has barely moved from the US$131 level over the past four days due to a lack of positive news. Thermal coal prices at Chinese ports have weakened because demand from power plants and industry remains sluggish. Coal inventories at ports and power plants are relatively high, so buyers are in no rush to make purchases. Trading activity tends to be quiet as many market participants prefer to wait for a clearer price direction. In the import market, coal prices are also moving lower in line with weak buying interest from China and India. Offers from Indonesian and Australian exporters are beginning to adjust to market conditions. China’s high domestic coal production and abundant supply continue to suppress the need for imports. At the same time, renewable energy-based power generation and the low-demand season are further reducing coal consumption. Price pressure is expected to persist in the short term, although a deeper decline may be limited by relatively high import costs and the potential for supply tightening from some producing regions. As a note, China’s thermal coal imports in May 2026 were recorded at 22.12 million tonnes, down 22.8% compared to last year, despite a slight monthly increase of 1.55%. Throughout January to May, imports reached 128 million tonnes, a year-on-year decline of 11.77%.