JFX reschedules third coal bid this month

The Jakarta Futures Exchange (JFX) failed to conduct its third coal bid last month, hoping it to be implemented this month, Bisnis Indonesia reported Tuesday.

JFX President Director Sherman Rana Krishna was quoted by the paper as saying that the delay was due to ?logistical problem? at coal miner PT Bukit Asam Tbk (PTBA), hampering the company in delivering coal supply for the planned bid. He did not provide further details.

PTBA so far is the only coal mining firm selling part of its output via the JFX online trading system. The company has conducted coal tender via the JFX physical trade twice. In the first tender, the company sold 75,000 tons of coals for a price of US$62 and $75 per ton.

In the second tender, the company offered 70,000 tons of coking coal for price of $89 and $90, but failed to conclude transaction as no buyers took the offer at the price levels. (*)