Coal Prices Remain Heated, Supported by News from China

Jakarta, CNBC Indonesia - Coal prices continued to climb, supported by demand. According to Refinitiv, coal prices in trading on Thursday (11/6/2026) closed at US$148.55 per ton, up 0.37%. This increase extended the positive trend for coal prices, which strengthened by 1.08% over the past two days. Coal prices rose despite weakening oil prices. Sustained demand kept coal prices climbing. West Texas Intermediate (WTI) crude oil futures fell 2.58% and closed at US$87.71 per barrel following Trump’s announcement. Meanwhile, Brent crude oil slumped 2.92% to US$90.38 per barrel. Chinese coking coal prices were supported by a continued decline in stocks at mining areas, making spot supply increasingly tight. At the same time, Australian coking coal began to be more competitive compared to Mongolian supply, thus attracting interest from some Chinese steel mills. The combination of low mine stocks and improved competitiveness of Australian coal helped support coking coal market sentiment even though steel demand remained weak. Unlike coking coal, thermal coal prices at northern Chinese ports moved sideways due to a tug-of-war between supply restrictions supporting prices and inventory pressure weighing on the market. Market participants still hoped that summer electricity consumption would increase, so many sellers were reluctant to lower prices. However, buyers, especially power plants, tended to wait because prices were considered already quite high and stocks were still adequate. Transaction activity was quiet. Coal inventories at major ports such as Qinhuangdao, Caofeidian, and Jingtang were reported to have increased to around 25.37 million tons, approaching a one-month high. This increase in stocks has the potential to pressure prices. A number of traders began selling old stock to rotate inventory and free up increasingly limited storage space. On the other hand, logistics and transportation costs rose after changes in railway tariff policy, providing support to coal prices and limiting the potential for deeper declines.