Jakarta, Indonesia Sentinel — Indonesia’s government has raised its coal benchmark price (Harga Batubara Acuan or HBA) for the first half of July 2025 by 8.86%, setting it at $107.35 per metric ton, or approximately Rp1.74 million. The revised price applies from July 1 to July 14, 2025.
The new rate marks an increase of $8.74 per ton (Rp141,700) compared to the second HBA of June 2025, which stood at $98.61 per ton (Rp1.59 million).
However, on a year-over-year basis, the benchmark price has dropped significantly, down $23.09 per ton, or 17.7%, from $130.44 per ton recorded in July 2024.
“This new HBA will be used as the basis for calculating the Coal Reference Price (Harga Patokan Batubara/HPB) for high-calorific coal exceeding 6,000 kcal/kg GAR during the first half of July,” said Tri Winarno, Director General of Mineral and Coal at the Ministry of Energy and Mineral Resources (ESDM), in a statement on Sunday.
According to Tri, the monthly benchmark is calculated as a weighted average of Free on Board (FOB) selling prices at the delivery point, reflecting transactions of coal with calorific values ranging from 6,100 to 6,500 kcal/kg GAR.
The pricing is based on data from the second week of shipping in May through the first week of June 2025, as recorded in the government’s ePNBP Minerba royalty payment platform.
The latest adjustment is outlined in ESDM Ministerial Decree No. 72 of 2025, which provides guidance for setting benchmark prices for coal and metal mineral commodities.
For July’s first pricing period, the HBA values by coal type and calorific content are as follows:
- HBA (6,322 kcal/kg GAR): $107.35 per ton (+8.86% from late June)
- HBA I (5,300 kcal/kg GAR): $71.50 per ton (-5.47%)
- HBA II (4,100 kcal/kg GAR): $49.78 per ton (-0.94%)
- HBA III (3,400 kcal/kg GAR): $35.87 per ton (-0.75%)
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The formula used to calculate Indonesia’s Coal Benchmark Price (HBA) is also regulated under Ministerial Decree No. 72 of 2025 issued by the Ministry of Energy and Mineral Resources (ESDM), which outlines guidelines for setting reference prices for coal and metallic mineral commodities.
According to the decree, the HBA is determined based on the actual coal selling prices reported by mining companies through the e-PNBP Minerba system. The reference period includes shipment dates from the second week of the month two months prior to the first week of the previous month.
“As a result, the increase in the HBA for the first half of July 2025 reflects a rise in coal sale prices recorded during transactions with shipment dates from the second week of May to the first week of June 2025,” said Tri Winarno, Director General of Mineral and Coal at the ESDM Ministry.
(Raidi/Agung)
