The Reference Coal Price in Indonesia Was Slightly Reduced at the Beginning of March 2026.

The Ministry of Energy and Mineral Resources (ESDM) set the Indonesian coal reference price (HBA) for the first period of March 2026 at US$102.37 per ton.

This price is a slight decrease of 0.48% from the second period of February 2026, which was US$102.87 per ton.

In the first period of March, almost all coal grades were lowered. Only HBA II was increased.

HBA I was set at US$71.29 per ton, down from US$71.74 per ton in the second period of February 2026.

Furthermore, HBA II was set at US$47.64 per ton, a slight increase from the previous US$47.34 per ton.

Finally, HBA III was set at US$34.25 per ton, down from US$33.85 per ton in the end of February.

This reference price was established through Decree of the Minister of Energy and Mineral Resources of the Republic of Indonesia (ESDM Ministerial Decree) Number 102.K/MB.01/MEM.B/2026 concerning Reference Metal Mineral Prices and Reference Coal Prices for the First Period of February 2026, dated February 27, 2026.

The HBA is determined 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 a calorific value of 6.322. kcal/kg GAR, total moisture 8%, total sulfur 0.8%, and ash 15%.

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

• HBA: equivalent calorific value 6,322 kcal/kg GAR, total moisture 12.26%, total sulfur 0.66%, and ash 7.94%.
• HBA I: equivalent calorific value 5,300 kcal/kg GAR, total moisture 21.32%, total sulfur 0.75%, and ash 6.04%.
• HBA II: equivalent calorific value 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 content of 44.30%, total sulfur content of 0.24%, and ash content of 3.88%.