JAKARTA -- Shares of coal mining companies in Indonesia, the world's largest thermal coal exporter, have surged on the back of record prices for the fuel in the wake of Russia's invasion of Ukraine. But the threat of another government export ban is deterring producers from immediately increasing shipments, likely keeping prices elevated for a while.
Coal prices rocketed to a new all-time high last week, with benchmark Newcastle futures topping $400 a ton, breaking the previous record of $269 set in October. Accordingly, share prices of top Indonesian coal miners have jumped, adding to their previous gains from China-led rising energy demand amid the post-pandemic global economic recovery.
