Jakarta, CNBC Indonesia - Coal prices have experienced a sharp correction. Understandably, earlier the black rock had risen sharply to set a new record.

Yesterday, coal prices in the ICE Newcastle market (Australia) were recorded at US$ 167.4/ton. This marked a 2.11% drop compared to the previous day.

At the end of last week, the price of this commodity was at US$ 171/ton. This is the highest record at least since 2008.

In the past week, coal prices have risen by 2.15% point-to-point. Meanwhile, over the past month, prices have soared by 14.16%.

So, it's no wonder that investors will soon cash in their profits. Because the gains made are indeed substantial.

However, there is still room for coal prices to rise. Fundamentally, high demand will continue to boost prices.

For example, in China. In July 2021, China imported 13.8 million tons of thermal coal. This figure surged by 30% compared to July 2020 (year-on-year/yoy).