Indonesian coal faces structural risks as China cuts imports and margins shrink

Bar chart comparing Indonesian coal and Chinese coal firms’ cash margins in Q1 2025, showing Indonesian margins significantly lower.

Indonesian coal exports are increasingly exposed to structural risks as China cuts imports, boosts domestic production and shifts toward higher-grade coal. With cash margins now well below those of Chinese miners, Indonesian coal producers face weakening profitability as oversupply, low prices and concentrated reliance on China squeeze the sector. The report warns that these pressures are no longer cyclical but […]

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