Indonesian Coal Reference Price Rose Again for Second Period of October 2025

The Ministry of Energy and Mineral Resources (ESDM) has set Indonesia's benchmark coal price (HBA) for the second period of October 2025 at US$109.74 per ton.

This price increased by 2.61% from the first period of October 2025, which was US$106.94 per ton.

In the second period of October 2025, almost all coal grades saw an increase.

HBA I was set at US$67.76 per ton, a significant increase from the first period of October 2025, which was US$64.48 per ton.

Furthermore, HBA II was set at US$43.71 per ton, an increase from the previous US$43.12 per ton.

Finally, HBA III was US$33.92 per ton. This is the only class that decreased from the initial October 2025 period, which was US$33.92 per ton.

This benchmark price was set through the Decree of the Minister of Energy and Mineral Resources of the Republic of Indonesia (Kepmen ESDM) Number 338.K/MB.01/MEM.B/2025 concerning the Benchmark Metal Mineral Price and Benchmark Coal Price for the Second Period of October 2025, on October 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 standardized 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: 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%.