Indonesian Coal Reference Price Drops 2.53% for the Second Half of April 2025

The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set the Indonesian Coal Reference Price (HBA) for the second period of April 2025 at US$120.2 per ton.

This price is a 2.53% decrease from the first period of April 2025, which was US$123.32 per ton.

The reference price for the second period of April also shows a slight decrease of 0.76% year-on-year (yoy) compared to April 2024, which was US$121.13 per ton.

Meanwhile, HBA I is set at US$78.46 per ton for the second period of April 2025. This is a negligible increase from the first period of April 2025, which was also US$78.46 per ton.

Furthermore, HBA II is set at US$50.07 per ton for the second period of April 2025. This is a slight increase from the beginning of April 2025, which was US$49.54 per ton.

Finally, HBA III is set at US$34.32 per ton for the second period of April 2025. This is an increase from the initial period, which was US$32.71 per ton.

This reference price is determined by Indonesian Minister of Energy and Mineral Resources Decree (Kepmen ESDM) Number 133.K/MB.01/MEM.B/2025 concerning the Reference Price for Metal Minerals and the Reference Price for Coal for the Second Period of April 2025, issued on April 14, 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: 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%.

(Also read: Indonesian Coal Reference Price Increases by 4.72% for Period I of April 2025)