The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set the Indonesian Coal Reference Price (HBA) for the second period of July 2025 at US$97.65 per ton.
This price is a 9.03% decrease from the first period of July 2025, which was US$107.35 per ton. The price at the beginning of July increased after three consecutive periods of decline over the previous two months.
For the period until the end of July, changes in coal grades (including HBA) varied, with some experiencing increases and others decreases since the beginning of June 2025.
HBA I is set at US$75.94 per ton, an increase from US$71.5 per ton in the first period of July 2025.
HBA II is set at US$48.35 per ton, a decrease from US$49.78 per ton in the first period of July 2025.
Finally, HBA III is set at US$36 per ton, a slight increase from US$35.87 per ton at the beginning of July 2025.
This reference price is set forth in Indonesian Minister of Energy and Mineral Resources Regulation (Kepmen ESDM) Number 244.K/MB.01/MEM.B/2025 concerning the Reference Price for Metal Minerals and the Reference Price for Coal for the Second Period of July 2025, issued on July 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%.
(Read: Minerals & Coal, the Highest Contributor Non-Tax State Revenue of ESDM in the Last 3 Years)