Indonesia plans to produce 695 million tonnes of coal in 2023 and forecasts exports at 518 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif said on January 30.
This is higher than the country's 2022 coal production of 687 million tonnes and exports of 494 million.
In 2022, Indonesia's coal production was higher than the target of 663 million tonnes despite an export ban in January that caused some miners to hold back output and heavy rain flow that disrupted activities.
Arifin expects that coal prices will remain elevated this year after 2022's record prices caused by supply disruptions from the war in Ukraine.
"Coal prices are expected to still hold up well in 2023 because of supply shortage," he said.
Indonesia's government-set monthly coal benchmark HBA price peaked at $330.97/t in October 2022, the highest in the history. It was $305.21/t this month.
(Writing by Rebecca Liu Editing by Tammy Yang)
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