Indonesia's Coal Reference Price (HBA) Rises on Average in Second Half of July 2026

Jakarta, CNBC Indonesia – The Ministry of Energy and Mineral Resources (ESDM) has officially set the Coal Reference Price (HBA) for coal sales in the second period of July 2026.

The policy is set out in Ministerial Decree (Kepmen) Number 285 of 2026 concerning Reference Metal Mineral Prices and Coal Reference Prices for the Second Period of July 2026.

Under the regulation, the government divides the HBA into at least four categories. Compared with the HBA in the first period of July 2026, the highest-calorie coal category, category II and category III all rose in price in the second period, while category I coal declined.

“For coal prices, the 6,322 calorie level is stable with a tendency towards consolidation after touching US$126.58 per tonne at the start of the month. For the 5,300 calorie level there was a decline from the first period price, which stood at around US$90.94 per tonne. Meanwhile, the 4,100 and 3,400 calorie levels remained relatively resilient,” wrote the Directorate General of Minerals and Coal at the Ministry of ESDM in a post on its Instagram account @ditjenminerba, quoted on Monday (20/7/2026).

The following is the list of HBA prices for the first period of July 2026:

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% was set at US$131.85 per tonne. This figure rose compared with the first period of July 2026, which stood at US$126.58 per tonne.

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% for the second period of July 2026 was set at US$89.90 per tonne. This figure fell compared with the first period price of July 2026, which was US$90.94 per tonne.

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% for the second period of July 2026 was set at US$63.25 per tonne. This rose compared with the first period of July 2026, which stood at US$62.59 per tonne.

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% for the second period of July 2026 was set at US$45.08 per tonne. This rose compared with the first period of July 2026, which stood at US$41.91 per tonne.