China and Indonesia sign US$1.5bil thermal coal deal


Coal barges are pictured as they queue to be pulled along Mahakam river in Samarinda, East Kalimantan province, Indonesia. China will buy US$1.467 billion worth of thermal coal from Indonesia next year, the Indonesian Coal Mining Association (APBI) said. - Reuters

SINGAPORE, Nov 28 (Reuters): China will buy US$1.467 billion worth of thermal coal from Indonesia next year, the Indonesian Coal Mining Association (APBI) said earlier this week.

The trade deal was signed between APBI and China Coal Transportation and Distribution on Wednesday, according to APBI's statement.

APBI said Indonesia hopes to increase coal exports to China to 200 million tonnes in 2021.

"The target quantity will be reviewed every year," APBI said in a statement.

Indonesia, the world's top exporter of thermal coal, has resorted to diplomatic channels to promote coal sales around Southeast Asia, particularly in Vietnam, as exports to China slowed.

China's imports from Indonesia, the world's biggest shipper of thermal coal used in power plants, dropped 24.5% in the first 10 months of 2020 to 86.88 million tonnes, compared to 115.03 million during the same period last year, according to Refinitiv data. - Reuters
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