Can the Indonesian Coal Industry Survive COVID-19?

While attention has been focused on the hefty downswings in the oil price caused by the collapse of demand from COVID-19 lockdowns, the coal price has been not insulated. Starting from US$70/tonne in January, the Newcastle benchmark price (6,300 kcl) has retreated to US$58.33/tonne. Such a rapid fall in prices may not yet be an existential moment for the global coal industry, but it is a hard blow for Indonesia, the world’s largest coal exporter.