March 2025 Period: Indonesian Coal Reference Price Increases by 3.2%

The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set the Indonesian Coal Reference Price (HBA) for the first period of March 2025 at US$128.24 per ton.

This price is a 3.21% increase from February 2024, which was US$124.24 per ton.

The reference price for the beginning of March 2025 is 16.82% higher year-on-year (YoY) compared to March 2024, which was US$109.77 per ton.

Reference prices for other coal classes also tend to increase.

HBA I is set at US$82.66 per ton at the beginning of March 2025. This is a slight increase from February 2025, which was US$82.26 per ton.

Next, HBA II is US$50.7 per ton at the beginning of March 2025, up from US$50.52 per ton in February 2025.

Finally, HBA III is US$34.16 per ton at the beginning of March 2025. This is the only class to decrease, down from US$34.38 per ton in February 2025.

This reference price is determined by Indonesian Ministry of Energy and Mineral Resources Decree (Kepmen ESDM) Number 80.K/MB.01/MEM.B/2025 concerning the Reference Price for Metal Minerals and the Reference Price for Coal for the First Period of March 2025, issued on March 1, 2025.

Previously, the HBA was determined based on the average of the Indonesia Coal Index (ICI), Newcastle Export Index (NEX), Globalcoal Newcastle Index (GCNC), and Platt's 5900, with quality equated to a calorific value of 6,322 kcal/kg GAR, total moisture 8%, total sulfur 0.8%, and ash 15%.

The HBA is also differentiated into four categories based on coal quality, namely:

* HBA: equivalent calorific value of 6,322 kcal/kg GAR, total moisture 12.26%, total sulfur 0.66%, and ash 7.94%.
* HBA I: equivalent calorific value of 5,300 kcal/kg GAR, total moisture 21.32%, total sulfur 0.75%, and ash 6.04%.
* HBA II: equivalent calorific value of 4,100 kcal/kg GAR, total moisture 35.73%, total sulfur 0.23%, and ash 3.90%.
* HBA III: equivalent calorific value of 3,400 kcal/kg GAR, total moisture 44.30%, total sulfur 0.24%, and ash 3.88%.