Indonesia's Reference Coal Price (HBA) for Second Half of March Rises to US$103.01
Jakarta – Indonesia’s Ministry of Energy and Mineral Resources (ESDM) has officially established the Reference Coal Price (HBA) for coal sales in the second period of March 2026, as outlined in Ministerial Decision Number 124 of 2026 regarding Reference Metal Mineral Prices and Reference Coal Prices for the Second Period of March 2026.
The government has categorised HBA into four distinct categories. Compared with the first period of March 2026, the highest-calorific coal category, category I, and category II experienced price increases. Category III coal prices remained unchanged from the first period of March 2026.
“This price dynamics demonstrate that the minerals and coal sector continues to move in line with global market rhythm, with sustained optimism regarding strategic energy and mineral demand,” stated the Directorate General of Minerals and Coal of the ESDM Ministry in an Instagram post.
The HBA prices for the second period of March 2026 are as follows:
Highest-calorific coal with calorific value equivalent of 6,322 kcal/kg GAR, total moisture of 12.26%, total sulphur of 0.66%, and ash of 7.94% has been set at US$103.01 per ton, representing an increase from US$102.37 per ton in the first period of March 2026.
Category I HBA with 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 second period of March 2026 is fixed at US$71.55 per ton, up from US$71.29 per ton in the first period of March 2026.
Category II HBA with 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 second period of March 2026 is established at US$48.32 per ton, an increase from US$47.64 per ton in the first period of March 2026.
Category III HBA with 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 second period of March 2026 remains at US$34.25 per ton, unchanged from the first period of March 2026.