Indonesia's Coal Reference Price Increases by 4.72% for the Period of April 1, 2025

The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set the Indonesian Coal Reference Price (HBA) for the first period of April 2025 at US$123.32 per ton.

This price is a 4.72% increase from the second period of March 2025, which was US$117.76 per ton.

The April reference price is also slightly higher, by 1.8%, year-on-year (yoy) compared to April 2024, which was US$121.13 per ton.

However, the reference price for coal grades is observed to have decreased.

HBA I is set at US$78.4 per ton in the first half of April 2025, down from US$80.7 per ton in the second period of March 2025.

Furthermore, HBA II is set at US$49.54 per ton in the first period of April 2025, a slight increase from US$49.44 per ton in the second period of March 2025.

Finally, HBA III is set at US$32.71 per ton at the beginning of April 2025, down from US$33.71 per ton in the second period of March 2025.

This reference price is determined by Indonesian Minister of Energy and Mineral Resources Decree (Kepmen ESDM) Number 101.K/MB.01/MEM.B/2025 concerning the Reference Price of Metal Minerals and the Reference Price of Coal for the First Period of April 2025, issued on March 27, 2025.

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