Indonesia’s Reference Coal Price (HBA) Rises in Early January 2026
Fri 02 Jan 2026, 16:21 PM
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Indonesia’s Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia has set the coal benchmark price (HBA) for the first period of January 2026.
All coal categories under the benchmark price rose in unison compared with the level in the second half of December 2025.
The HBA determination is stipulated in Ministerial Decree of the ESDM No. 458.K/MB.01/MEM.B/2025 on Reference Prices for Metallic Minerals and Coal for the First Period of January 2026.
In detail, the HBA with a calorific value of 6,322 kcal per kilogram is set at USD 103.30 per ton. This high-calorific HBA increased by 2.4% compared with the second period of December 2025 at USD 100.81 per ton.
In addition, the HBA with a calorific value of 5,300 kcal per kilogram has also risen 3.2% to USD 72.23 per ton compared with the second period of December 2025 at USD 69.93 per ton.
Furthermore, the HBA with a calorific value of 4,100 kcal per kilogram is set at USD 47.05 per ton, up 3.5% from the late-December 2025 benchmark price of USD 45.44 per ton.
The HBA for coal with a calorific value of 3,400 kcal per kilogram is set at USD 35.13 per ton, a slight increase of 0.3% compared with the second period of December 2025 at USD 35.02 per ton.
The HBA calculation formula is regulated under ESDM Decree No. 72 of 2025 on Guidelines for Setting Reference Prices for Sales of Metallic Minerals and Coal.
Under this regulation, the HBA formula is based on the actual coal selling prices reported by coal mining companies in the Minerba e-PNBP system for shipments from the second week two months prior up to the week one month prior.
Based on the HBA, the Coal Reference Price (HPB) is then calculated, which is affected by coal quality, namely calorific value, moisture content, sulphur content, and ash content.
The HBA values for the First Period of January 2026, valid from January 1 to January 15, 2026, are as follows:
1. HBA (6,322 GAR): USD 103.30 per ton.
Up 2.4% compared with HBA Period II December 2025 of USD 100.81 per ton.
2. HBA I (5,300 GAR): USD 72.23 per ton.
Up 3.2% compared with HBA Period II December 2025 of USD 69.93 per ton.
3. HBA II (4,100 GAR): USD 47.05 per ton.
Up 3.5% compared with HBA Period II December 2025 of USD 45.44 per ton.
4. HBA III (3,400 GAR): USD 35.13 per ton.
Up slightly by 0.3% compared with HBA Period II December 2025 of USD 35.02 per ton.
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