Indonesia set its coal benchmark price at a record high for October, as demand from Europe soars, its energy minister said on Monday.
The monthly benchmark rose to $330.97 per tonne, up from $319.22 in September, and breaking the previous record of $323.91 in June.
“The reactivation of coal power plants in a number of European countries has contributed to the rise of global coal demand,” the ministry said in a statement.
Also on AF: Indonesian Inflation at 7-Year High After Fuel Price Rise
Global supply shortages and growing energy security concerns have driven an unprecedented rebound in coal demand.
The energy source has become a key market for western economies looking to wean themselves off Russian energy.
Coal buyers all over Asia, and some from Europe, joined an industry conference on Indonesia’s Bali island late in September to hunt for any coal supply they can secure ahead of winter.
- Reuters, with additional editing from Alfie Habershon
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