Indonesia’s Ministry of Energy and Mineral Resources (ESDM) has officially set the coal benchmark price (HBA) for the first half of June 2025 at $100.97 per ton. The announcement was made by Minister Bahlil Lahadalia and marks a decline of $9.41 per ton from the second half of May, when the HBA stood at $110.38 per ton.
The new benchmark price was established through Ministerial Decree No. 197.K/MB.01/MEM.B/2025 and applies to coal sales on a free-on-board (FOB) basis, delivered directly onto transport vessels.
Compared to the same period last year, when the HBA for June 2024 was $123 per ton, the current rate reflects a significant year-on-year drop of $22.03 per ton, or approximately 17.91 percent.
The HBA serves as a reference for calculating the Coal Reference Price (HPB), which is adjusted based on the coal’s quality. Factors influencing HPB include calorific value, moisture content, sulfur levels, and ash content.
According to Ministerial Decree No. 72 of 2025, there are currently four categories of HBA based on calorific value:
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HBA: 6,322 kcal/kg GAR
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HBA I: 5,300 kcal/kg GAR
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HBA II: 4,100 kcal/kg GAR
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HBA III: 3,400 kcal/kg GAR
The HBA set for the first half of June 2025 is used to determine the HPB for coal with calorific values above 6,000 kcal/kg GAR.
As outlined in the same decree, the HBA for the second half of each month is calculated based on the weighted average of sales volumes and prices at the point of delivery, aligned with the HBA specification equivalency.
The coal sample range used for the June 2025 pricing falls within the 6,100 to 6,500 kcal/kg GAR category, based on sales data from ePNBP Minerba related to royalty payments. The data covers shipments made from the second week of two months prior through the first week of the previous month.
Below are the benchmark prices for the first half of June 2025, valid from June 1 to June 14:
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HBA (6,322 GAR): $100.97 per ton — down 8.53% from the second half of May 2025
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HBA I (5,300 GAR): $77.59 per ton — up 1.27% from the second half of May 2025
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HBA II (4,100 GAR): $50.08 per ton — down 0.99% from the second half of May 2025
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HBA III (3,400 GAR): $35.47 per ton — up 0.14% from the second half of May 2025
These benchmark adjustments reflect ongoing market fluctuations and play a crucial role in setting royalty payments and guiding commercial contracts in Indonesia’s coal sector.
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