Bahlil Slashes Coal Reference Price to US$124.44 per Tonne, Here Are the Details

Energy and Mineral Resources Minister Bahlil Lahadalia has lowered the Coal Reference Price (HBA) to US$124.44 per tonne for high-calorie coal, applicable to sales in the first period of August 2026. This is stipulated in the second dictum of Ministerial Decree No. 312.K/MB.01/MEM.B/2026. The regulation outlines that the reference price for Indonesian coal sales varies based on calorific value, calculated in kcal/kg GAR (Gross As Received), and sets four HBA categories. The HBA for coal with a calorific value of 6,322 kcal/kg GAR for the first period of August 2026 is set at US$124.44 per tonne, a decrease from US$131.85 per tonne in the second period of July 2026. Meanwhile, the HBA for coal with a calorific value of 5,300 kcal/kg GAR is set at US$93.27 per tonne, an increase of US$3.37 from the previous period’s US$89.90 per tonne. The HBA for coal equivalent to 4,100 kcal/kg GAR (HBA II) is set at US$65.48 per tonne, up from US$63.25 per tonne. Lastly, the HBA for coal equivalent to 3,400 kcal/kg GAR (HBA III) is set at US$45.27 per tonne, a slight increase from US$45.08 per tonne. Additionally, the Ministry of Energy and Mineral Resources set the Reference Mineral Price (HMA) for the first period of August 2026 at US$16,646.00 per dry metric tonne (dmt). The HMA for cobalt was set at US$55,875.67 per dmt, lead at US$1,839.20 per dmt, zinc at US$3,588.80 per dmt, aluminium at US$3,159.03 per dmt, copper at US$13,512.87 per dmt, and gold as an associated mineral at US$4,072.12 per dmt.