Indonesia's Coal Price Reference Continues to Fall Until June 2025

The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set the Indonesian Coal Reference Price (HBA) for the second period of June 2025 at US$98.61 per ton.

This price is down 2.33% from the first period of June 2025, which was US$100.97 per ton. This price decrease has been ongoing since the end of May, when the price was set at US$110.38 per ton, a significant drop from the beginning of May 2025, which was US$121.15 per ton.

The reference price for the second period of June is also down 19.82% year-on-year (yoy) compared to June 2024, which was US$123 per ton.

At the end of June, changes in coal grades (including HBA) were considered balanced, with some experiencing increases and others decreases from the beginning of June 2025.

HBA I was set at US$75.64 per ton, down from US$77.59 per ton in the first period of June 2025.

HBA II was set at US$50.25 per ton, up from US$50.08 per ton in the first period of June 2025.

Finally, HBA III was set at US$36.14 per ton, up from US$35.47 per ton at the beginning of June 2025.

This reference price was established through Indonesian Minister of Energy and Mineral Resources Decree (Kepmen ESDM) Number 197.K/MB.01/MEM.B/2025 concerning the Reference Price for Metal Minerals and the Reference Price for Coal for the Second Period of June 2025, on June 13, 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%.