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Indonesian thermal coal producers bemoaned a downbeat sentiment on the near term production outlook across the Kalimantan archipelago, with many miners cutting their production forecasts to buoy export prices and maintain margins for the remainder of the year, sources said Aug. 6.
The Indonesian Coal Mining Association issued a notice July 2 to urge miners to reduce their output amid lackluster seaborne demand and bearish export prices.
Indonesian coal miner Adaro Energy, the country's second-largest producer, expects 2020 coal production to be 10% lower on the year as it strives to battle weak demand, S&P Global Platts reported earlier.
Similarly, Indonesian thermal coal miner Harum Energy said its sales volume over H1 2020 was down 21.7% on the year to 1.6 million mt, while production activities are expected to remain conservative for the remainder of the year, according to the company's half yearly report on July 30.
Other coal producers including Bumi Resources were also bearish on the near term production outlook as bearish seaborne sentiment continue to cast shadow on Kalimantan export prices.
Bearish factors are outweighing potential supportive factors in the market under the current climate, said an Indonesia-based analyst who deals with low-cv coal.
Source: S&P Global Platts
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