Rising coal prices creates brighter outlook for operational performance in 6M-21. Overall, exports to primary consumers such as China, India and South Korea are increasing by double digit than previous period, with their percentages accounting half of total export. Uptrend in global coal also helped push PTBA’s ASP from $54/mt in 6M-20 to $66/mt in 6M-21. We estimate that coal shortage in China as the largest coal consumer and its current fragile relation with Australia exports will benefit coal exporters from Indonesia.
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