Indonesia's Reference Coal Price Falls for Early March 2026

Jakarta – The Ministry of Energy and Mineral Resources (ESDM) has formally established the Reference Coal Price (HBA) for coal sales in the first period of March 2026, as detailed in Ministerial Decree (Kepmen) ESDM Number 102 of 2026 concerning Reference Metal Mineral Prices and Reference Coal Prices for the First Period of March 2026.

Under this regulation, the government separates the HBA across four coal categories. Compared with the HBA for the second period of February 2026, the highest-calorific coal category and Category I have experienced price declines, whilst Category II and III coal have seen price increases.

“In the coal sector, price movements have been mixed. Medium and low-calorific coal have strengthened, whilst high-calorific coal has experienced minor correction in line with global energy demand dynamics,” stated the Directorate General of Minerals and Coal of the Energy and Mineral Resources Ministry in a statement.

The following are the HBA prices for the first period of March 2026:

First, HBA equivalent to a calorific value of 6,322 kcal/kg GAR with total moisture of 12.26%, total sulphur of 0.66%, and ash of 7.94% has been set at US$102.37 per tonne. This represents a decrease from the second period of February 2026, which stood at US$102.87 per tonne.

Second, HBA Category I with a calorific value equivalent of 5,300 kcal/kg GAR, total moisture of 21.32%, sulphur of 0.75%, and ash of 6.04% for the first period of March 2026 has been set at US$71.29 per tonne. This represents a decrease compared with the second period of February 2026, which was US$71.74 per tonne.

Third, HBA Category II with a calorific value equivalent of 4,100 kcal/kg GAR, total moisture of 35.73%, sulphur of 0.23%, and ash of 3.9% for the first period of March 2026 is US$47.64 per tonne. This represents an increase compared with the second period of February 2026, which was US$47.34 per tonne.

Fourth, HBA Category III with a calorific value equivalent of 3,400 kcal/kg GAR, total moisture of 44.30%, sulphur of 0.24%, and ash of 3.88% for the first period of March 2026 has been set at US$34.25 per tonne. This represents an increase compared with the second period of February 2026, which was US$33.85 per tonne.