February 2026, the reference price of coal in Indonesia was raised by 2%.

The Ministry of Energy and Mineral Resources (ESDM) set the Indonesian reference coal price (HBA) for the first period of February 2026 at US$106.11 per ton.

This price was increased by 2% from January 2026, which was US$104.03 per ton.

In this early February period, almost all coal grades were increased.

HBA I was set at US$73.96 per ton. A significant increase from the second period of January 2026, which was US$71.61 per ton.

Next, HBA II was set at US$48.21 per ton. A slight decrease from the previous one, which was US$48.39 per ton.

Finally, HBA III was set at US$35.83 per ton. An increase from the end of January period, which was US$35.83 per ton.

These reference prices were set through the Decree of the Minister of Energy and Mineral Resources of the Republic of Indonesia (Kepmen ESDM) Number 47.K/MB.01/MEM.B/2026 on Reference Metal Mineral Prices and Reference Coal Prices for the First Period of February 2026, on January 29, 2026.

HBA is set based on the average of the Indonesia Coal Index (ICI), Newcastle Export Index (NEX), Globalcoal Newcastle Index (GCNC), and Platt's 5900, with a quality equivalent to 6.322 kcal/kg GAR calorific value, total moisture of 8%, total sulphur of 0.8%, and ash of 15%.

HBA is also divided into four categories based on coal quality, namely:

• HBA: calorific value equivalent to 6.322 kcal/kg GAR, total moisture of 12.26%, total sulphur of 0.66%, and ash of 7.94%.
• HBA I: calorific value equivalent to 5,300 kcal/kg GAR, total moisture of 21.32%, total sulphur of 0.75%, and ash of 6.04%.
• HBA II: calorific value equivalent to 4,100 kcal/kg GAR, total moisture of 35.73%, total sulphur of 0.23%, and ash of 3.90%.
• HBA III: calorific value equivalent to 3,400 kcal/kg GAR, total moisture of 44.30%, total sulphur of 0.24%, and ash of 3.88%.