Bob Kamandanu, chairman of Indonesia’s Coal Mining Association, when asked about the industry, said it’s in panic mode. “Toward the end of the year, if there is no good news and if the price stays between $72/mt to $73/mt, some companies will stop and go out of business,” Kamandanu said.

He said that Indonesian production would likely remain flat this year at around 420 million mt, as a possible 30 million mt reduction in output from closed small mines would be offset as larger companies.