They call it black gold and its price is on the rise, true to its name. Relentless buying by energy starved countries, is pushing up the prices of coal in the global markets. More specifically, the price of Indonesian coal has shot up from around $53 a tonne in May 2007 to $121 now, thereby reflecting an increase of a whopping 128% in a year. According to Argus Coalindo Indonesian Coal Index report, the price of Indonesian 6500 KCAL is $121.41 a tonne, while 5800 KCAL is $93.26 and 5000 KCAL is $ 72.86. In simple terms, cement industry uses 6300 KCAL and 6500 KCAL grade coal while power plants use lower grade coal, while steel plants use coking coal. Indian companies are on overdrive to acquire coal assets in Indonesia. When you don't get the desired quantity and quality in India, it is but natural to look at other markets. Indonesia has been a traditional first port of call for Indian coal buyers. Even there due renewed Indian interest, cost of coal mines are on the rise. Every big industrial group wants to own coal mine there, a CEO who is looking for coal mines for acquisition told The Times of India. With this as the backdrop, a cement manufacturer said it was not fair on the government's part to seek companies to hold prices.