Indonesia Lowers Coal Price by 1.5% in the Second Period of August 2025

The Indonesian Ministry of Energy and Mineral Resources (ESDM) has set the Indonesian Coal Reference Price (HBA) for the second period of August 2025 at US$100.69 per ton.

This price is a 1.5% decrease from the first period of August 2025, which was US$102.22 per ton. The price at the beginning of August had risen after a decrease in the second period of July 2025.

All coal classes were lowered for the period until the end of August.

HBA I was set at US$67.2 per ton, a slight decrease from the first period of August 2025, which was US$67.33 per ton.

Next, HBA II was set at US$43.7 per ton, down from US$45.74 per ton in the first period of August 2025.

Finally, HBA III was set at US$33.48 per ton, a slight increase from US$34.86 per ton in the early August 2025 period.

This reference price was established through Indonesian Ministry of Energy and Mineral Resources Decree (Kepmen ESDM) Number 271.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, on August 15, 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 divided 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%.

(Read: Minerals & Coal, the Highest Contributor Non-Tax State Revenue of ESDM in the Last 3 Years)