Coal inventories at Indonesian coal-fired power plants are currently ample, according to state-owned utility PLN.

Compared with the prior month, the CPI rose by 0.1pc in November on a seasonally adjusted basis, slowing from 0.4pc in the two prior months and well off a peak of 1.3pc in June.

"It is a step forwards but it has by no means answered all questions or addressed all outstanding issues," Hydrogen UK chief executive Clare Jackson said.

There's been a peak in terms of the investment cycle over the last 30 or 40 years as the coal business internationally has gone through an expansion in various places.

UK-South African mining firm Anglo American has lowered its iron ore production guidance for 2022, 2023 and 2024.

Brazil's electricity regulator Aneel will put its proposal for the R32.1bn ($6.1bn) government's energy development fund (CDE) 2023 budget before the public for consultation and a hearing.

Australian longwall and safety protocols will constrain UK-South African mining firm Anglo American's metallurgical coal production, leading it to cut its guidance for 2022, 2023 and 2024.

The deal is expected to be announced later on Wednesday on the sidelines of a summit of EU and Southeast Asian leaders in Brussels.