Indonesia's Coal Reference Price (HBA) for Early July 2026 Rises Across All Categories

The Ministry of Energy and Mineral Resources (ESDM) has officially set the Coal Reference Price (HBA) for coal sales in the first period of July 2026. All coal categories saw price increases compared to the second period of June 2026. The policy is stipulated in Minister of Energy and Mineral Resources Decree Number 274 of 2026 concerning the Reference Metal Mineral Price and Reference Coal Price for the First Period of July 2026. In the regulation, the government separates the HBA into four categories. Compared to the HBA in the second period of June 2026, all four coal categories experienced price increases in the first period of July 2026. “On the coal side, all HBA categories strengthened uniformly again. This positive trend reflects sustained coal demand in the international market, in line with the dynamics of global energy needs,” wrote the Directorate General of Minerals and Coal at the Ministry of ESDM in an Instagram post. The HBA for the first period of July 2026 is as follows: First, the HBA for coal with a calorific value equivalent of 6,322 kcal/kg GAR, Total Moisture 12.26%, Total Sulphur 0.66%, and Ash 7.94% is set at US$126.58 per ton, up from US$123.91 per ton in the second period of June 2026. Second, HBA I for coal with a calorific value equivalent of 5,300 kcal/kg GAR, total moisture 21.32%, sulphur 0.75%, and ash 6.04% is set at US$90.94 per ton, up from US$88.40 per ton. Third, HBA II for coal with a calorific value equivalent of 4,100 kcal/kg GAR, total moisture 35.73%, sulphur 0.23%, and ash 3.9% is set at US$62.59 per ton, up from US$60.19 per ton. Fourth, HBA III for coal with a calorific value equivalent of 3,400 kcal/kg GAR, total moisture 44.30%, sulphur 0.24%, and ash 3.88% is set at US$41.91 per ton, up from US$41.19 per ton.