Coal Prices Surge for Five Consecutive Days

Jakarta, CNBC Indonesia – Coal prices remain on an upward trend.

According to Refinitiv, coal closed at US$135.55 per ton in trading on Wednesday (22/7/2026), up 0.78%.

The rise extends the commodity’s positive streak, gaining 3.9% over the last five days.

The increase in coal prices has been partly supported by still-high oil prices. Brent crude surged to a six-week high of US$95 per barrel on Wednesday.

Coal and oil are substitutable commodities, so their prices influence one another.

The rise has also been underpinned by demand.

Japan’s Ministry of Finance reported that Japan’s thermal coal imports in June 2026 rose 18.5% compared with the same period last year, reaching 7.148 million tonnes.

Meanwhile, thermal coal prices at northern Chinese ports are beginning to lose upward momentum, despite rising production and delivery costs. The main reason is that coal stockpiles remain very high at ports and power plants, so buyers are in no rush to make purchases.

Prices have stagnated after a brief recovery, as higher production costs have not been enough to outweigh the pressure from abundant coal inventories at the ports.

Demand from utilities and power plants is also reported to remain sluggish. Although the peak of summer usually boosts electricity consumption, power companies are choosing to buy only as needed because their stockpiles are already high.

Inventories at ports and power plants remain plentiful, giving buyers stronger bargaining positions and leaving them unwilling to accept price increases.

Supply disruptions, such as safety inspections at mines and reduced rail deliveries, have indeed lent some support to prices, but the impact has been limited because available supply at the ports remains very large.

Market players believe a sustained price increase is unlikely to occur unless there is a significant drawdown in stockpiles or a surge in electricity demand during the summer.