Indonesian Coal Price Increased by 3.33% for the First Period of October 2025

The Ministry of Energy and Mineral Resources (ESDM) has set Indonesia's reference coal price (HBA) for the first period of October 2025 at US$106.94 per ton.

This price represents a 3.33% increase from the second period of September 2025, which was US$103.49 per ton. The early October price also saw a significant rise after the first period of July 2025.

For the early October 2025 period, all classes of coal also saw an increase.

HBA I was set at US$64.84 per ton, a slight increase from the second period of September 2025, which was US$64.40 per ton.

Furthermore, HBA II was set at US$43.12 per ton, an increase from the previous US$42.58 per ton.

Finally, HBA III was set at US$32.95 per ton, a slight increase from the end of September 2025 period, which was US$32.78 per ton.

This reference price was established through the Decree of the Minister of Energy and Mineral Resources of the Republic of Indonesia (Kepmen ESDM) Number 326.K/MB.01/MEM.B/2025 concerning the Reference Price for Metal Minerals and Reference Coal Price for the First Period of October 2025, issued on September 30, 2025.

Previously, 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 indices, with quality standardized at a calorific value of 6,322 kcal/kg GAR, total moisture 8%, total sulphur 0.8%, and ash 15%.

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 sulphur 0.66%, and ash 7.94%.
• HBA I: equivalent calorific value of 5,300 kcal/kg GAR, total moisture 21.32%, total sulphur 0.75%, and ash 6.04%.
• HBA II: equivalent calorific value of 4,100 kcal/kg GAR, total moisture 35.73%, total sulphur 0.23%, and ash 3.90%.
• HBA III: equivalent calorific value of 3,400 kcal/kg GAR, total moisture 44.30%, total sulphur 0.24%, and ash 3.88%.