Indonesia's Reference Coal Price Rises Across the Board at Start of May, Breaching US$106.57/Ton

Jakarta, CNBC Indonesia - The Ministry of Energy and Mineral Resources (ESDM) has officially set the Reference Coal Price (HBA) for coal sales in the first period of May 2026. This is outlined in Ministerial Decree (Kepmen) ESDM Number 179 of 2026 concerning the Reference Price for Metal Minerals and Reference Coal Price for the First Period of May 2026. The regulation separates the HBA into at least four categories. Compared to the HBA for the second period of April 2026, all four coal categories have experienced price increases in the first period of May 2026. “This strengthening of coal prices reflects the still solid global energy demand, particularly from Asian countries, even as the energy transition continues,” stated the Directorate General of Minerals and Coal of the Ministry of ESDM in an Instagram post @ditjenminerba, quoted on Tuesday (5/5/2026). Here is the list of HBA for the first period of May 2026: First, the HBA equivalent to a calorific value of 6,322 kcal/kg GAR, Total Moisture 12.26%, Total Sulphur 0.66%, and Ash 7.94 is set at US$106.57 per ton. This figure is an increase compared to the HBA for the second period of April 2026, which was US$103.43 per ton. Second, for HBA I with an equivalent calorific value of 5,300 kcal/kg GAR, total moisture 21.32%, sulphur 0.75%, and ash 6.04%, the first period of May 2026 is set at US$79.56 per ton. This is an increase compared to the price for the second period of April 2026, which was US$77.71 per ton. Third, for HBA II with an equivalent calorific value of 4,100 kcal/kg GAR, total moisture 35.73%, sulphur 0.23%, and ash 3.9%, the first period of May 2026 is US$55.66 per ton. This is an increase compared to the HBA for the second period of April 2026, which was at US$52.84 per ton. Fourth, for HBA III with an equivalent calorific value of 3,400 kcal/kg GAR, total moisture 44.30%, sulphur 0.24%, and ash 3.88%, the first period of May 2026 is set at US$38.76 per ton. This is an increase compared to the second period of April 2026, which was at US$38.30 per ton.