The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set the Indonesian Coal Reference Price (HBA) for the second period of March 2025 at US$117.76 per ton.
This price represents a significant decrease of 8.17% compared to the first period of March 2025, which was US$128.24 per ton.
However, this second-period reference price is 7.27% higher year-on-year (yoy) compared to March 2024, which stood at US$109.77 per ton.
Reference prices for other coal grades also saw a decrease.
HBA I is set at US$80.7 per ton in the second half of March 2025, down from US$82.26 per ton in the first period of March 2025.
HBA II is set at US$49.44 per ton in the second period of March 2025, down from US$50.7 per ton at the beginning of March 2025.
Finally, HBA III is set at US$33.71 per ton in the second period of March 2025, down from US$34.16 per ton at the beginning of March 2025.
This reference price is established through Indonesian Minister of Energy and Mineral Resources Decree (Kepmen ESDM) Number 92.K/MB.01/MEM.B/2025 concerning the Reference Price for Metal Minerals and Coal for the Second Period of March 2025, issued on March 14, 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%.