Bahlil Sets Reference Coal Price for Period I April 2026 at US$99.87 per Tonne

Jakarta – The Minister of Energy and Mineral Resources, Bahlil Lahadalia, has set the Reference Coal Price (HBA) for Period I April 2026 at US$99.87 per tonne, down from US$103.01 per tonne in Period II March 2026.

According to Ministerial Decree Number 135.K/MB.01/MEM.B/2026, the HBA is divided into four categories based on the coal’s calorific value.

These are HBA, HBA I, HBA II, and HBA III, applicable from 1 April to 14 April 2026. The four categories are as follows:

1. HBA (6,322 GAR): US$99.87 per tonne (down compared to HBA Period II March 2026 at US$103.01 per tonne);

2. HBA I (5,300 GAR): US$72.28 per tonne (up compared to HBA Period II March 2026 at US$71.55 per tonne);

3. HBA II (4,100 GAR): US$49.99 per tonne (down compared to HBA Period II January 2026 at US$48.32 per tonne);

4. HBA III (3,400 GAR): US$35.23 per tonne (up compared to HBA Period II January 2026 at US$34.25 per tonne).

The Ministry of Energy and Mineral Resources has also set the 2026 coal production quota at around 600 million tonnes, a reduction of approximately 190 million tonnes from the 2025 realisation of 790 million tonnes.

This cut is based on the imbalance between supply and demand for coal in the international market, particularly throughout 2025.

However, the outbreak of war between the US-Israel and Iran has caused coal prices to surge, from below US$120 per tonne to exceeding US$130 per tonne within about a week in early March 2026.

Nevertheless, Bahlil has opened the possibility for measured relaxation of the coal production quota.