Indonesia plans to set a monthly minimum price for coking coal, said an official at the Energy and Mineral Resources Ministry.
The government may use various price indexes as a base for the benchmark, Bambang Gatot Ariyono, director of coal development at the ministry, said in an interview in Jakarta on Friday. He didn't give details on the price formula or the timeframe for the plan.
Indonesia, the world's largest exporter of thermal coal, has since February 2010 set reference prices to guide producers in writing contracts and calculating royalty payments to the government.
The price for coal with a gross energy value of 6,322 kilocalories a kilogram was cut 3,6 percent in March from a month earlier to US$122.43 a metric ton, the first reduction since September.
Coking coal will likely average about $285 a ton this year as prices remain "well supported" by global steel demand, Deutsche Bank AG said in a report Thursday.
"The Jakarta Post"
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