By the end of 2025, the Government will raise the benchmark price for all grades of Indonesian coal.

Erlina Fury Santika 24/12/2025 16:49 WIB

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The Ministry of Energy and Mineral Resources has set Indonesia's coal reference price at US$100.81 per ton for the second period of December 2025. This marks a 2.6% increase from the first period of

Indonesia's Benchmark Coal Price/HBA Trend (January 2024-December 2025)

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Indonesia's Benchmark Coal Price/HBA Trend (January 2024-December 2025)

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Closing out 2025, the Ministry of Energy and Mineral Resources (ESDM) raised the reference price for all classes of Indonesian coal.

Indonesia's Coal Reference Price (HBA) for the end-of-December 2025 period was US$100.81 per ton.

This price was increased by 2.6% from the first period of December 2025, which was US$98.26 per ton.

Meanwhile, HBA I was set at US$69.93 per ton, up from the first period of December 2025, which was US$67.99 per ton.

Furthermore, HBA II was US$45.44 per ton, up from the previous price of US$44.37 per ton.

Lastly, HBA III was US$35.02 per ton, up from the early December 2025 period, which was US$34.15 per ton.

This reference price was set through the Decree of the Minister of Energy and Mineral Resources of the Republic of Indonesia (Kepmen ESDM) Number 420.K/MB.01/MEM.B/2025 concerning the Reference Price for Metal Minerals and the Reference Price for Coal for the Second Period of December 2025, issued on December 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 indices, with quality equivalent 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 to 6,322 kcal/kg GAR, total moisture 12.26%, total sulfur 0.66%, and ash 7.94%.
HBA I: calorific value equivalent to 5,300 kcal/kg GAR, total moisture 21.32%, total sulfur 0.75%, and ash 6.04%.
HBA II: calorific value equivalent to 4,100 kcal/kg GAR, total moisture 35.73%, total sulfur 0.23%, and ash 3.90%.
HBA III: calorific value equivalent to 3,400 kcal/kg GAR, total moisture 44.30%, total sulfur 0.24%, and ash 3.88%.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."