Indonesian policy uncertainty delays 2027 thermal coal contracts, lifting buyers' spot-price exposure

The signing of 2027 thermal coal supply contracts between Indonesian miners and Chinese buyers could face more delays than in previous years, as Indonesian producers seek to include supply-related waiver clauses in term contracts, while Chinese buyers remain reluctant to accept them, market sources told Mysteel Global.

Some Indonesian miners are seeking clauses that would release them from contractual delivery obligations if the government reduces mining quotas, restricts exports or delays export approvals. However, Chinese buyers are reluctant to accept such terms, particularly after policy changes disrupted shipments this year. The disagreement reflects growing concerns over Indonesia's