Coal Benchmark Price Falls in March

The Ministry of Energy and Mineral Resources (ESDM) has announced that benchmark prices for coal and nickel have declined compared to the previous period. The decision is detailed in Ministerial Decree Number 102.K/MB.01/MEM.B/2026, signed by Energy Minister Bahlil Lahadalia.

For high-calibre coal with an equivalent of 6,322 kcal/kg GAR, the benchmark coal price (HBA) has been set at US$102.37 per tonne. This represents a slight decline from the second period of February 2026, which stood at US$102.87 per tonne.

Declines also occurred in coal rated at 5,300 kcal/kg GAR, now priced at US$71.29 per tonne, down from the previous US$71.74 per tonne. Similarly, benchmark coal at 4,100 kcal/kg GAR was corrected to US$47.64 per tonne from US$47.74 per tonne in the second half of February. By contrast, coal rated at 3,400 kcal/kg GAR experienced a modest increase to US$34.25 per tonne from the previous US$33.85 per tonne.

The first period March HBA serves as the basis for calculating the Coal Benchmark Price (HPB) used in current month transactions.

Beyond coal, benchmark metal commodity prices also weakened. Nickel benchmark price fell to US$17,103.6 per dmt from the previous US$17,670 per dmt. Aluminium was also corrected downward to US$3,055.7 per dmt from US$3,129.72 per dmt. Meanwhile, copper declined to US$12,878.2 per dmt from US$13,066.44 per dmt.

In accordance with Ministerial Decree Number 80.K/MB.01/MEM.B/2025, the government sets benchmark prices for minerals and coal twice monthly, on the 1st and 15th of each month. These regulations govern the Benchmark Metal Commodity Price (HMA) and Benchmark Coal Price (HBA) for the first period of March 2026.