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

The Ministry of Energy and Mineral Resources (ESDM) has officially set the Coal Reference Price (HBA) for the second period of July 2026. The policy is outlined in Minister of Energy and Mineral Resources Decree Number 285 of 2026 concerning the Reference Price for Metallic Minerals and Coal for the Second Period of July 2026. Under the regulation, the government separates the HBA into four categories. Compared to the HBA in the first period of July 2026, the highest calorie coal category, category II, and category III experienced price increases in the second period of July. Meanwhile, coal category I experienced a price decline. The Directorate General of Minerals and Coal at the ESDM Ministry stated that the price for 6,322 kcal coal was stable with a tendency to consolidate after touching US$126.58 per ton earlier in the month. For 5,300 kcal coal, there was a decrease from the price in the first period, which was in the range of US$90.94 per ton. Meanwhile, prices for 4,100 kcal and 3,400 kcal coal were relatively maintained. The HBA for coal with a calorific value equivalent to 6,322 kcal/kg GAR, Total Moisture 12.26%, Total Sulphur 0.66%, and Ash 7.94% was set at US$131.85 per ton, an increase from the first period of July 2026 price of US$126.58 per ton. For HBA I, with a calorific value equivalent to 5,300 kcal/kg GAR, total moisture 21.32%, sulphur 0.75%, and ash 6.04%, the price for the second period of July 2026 was set at US$89.90 per ton, a decrease from the first period price of US$90.94 per ton. For HBA II, with a calorific value equivalent to 4,100 kcal/kg GAR, total moisture 35.73%, sulphur 0.23%, and ash 3.9%, the price for the second period of July 2026 was set at US$63.25 per ton, an increase from the first period level of US$62.59 per ton. For HBA III, with a calorific value equivalent to 3,400 kcal/kg GAR, total moisture 44.30%, sulphur 0.24%, and ash 3.88%, the price for the second period of July 2026 was set at US$45.08 per ton, an increase from the first period level of US$41.91 per ton.