Coal benchmark prices continue to climb in second half of October

By Ranuh Rafiani Putri

The Ministry of Energy and Mineral Resources (ESDM) has set Indonesia’s coal benchmark prices (Harga Batubara Acuan or HBA) for the second half of October 2025, with prices continuing to rise across all coal grades.

According to Ministerial Decree No. 338.K/MB.01/MEM.B/2025 on the Reference Prices for Metallic Minerals and Coal for the Second Half of October 2025, obtained by Petromindo.com on Thursday, the HBA for high-calorific coal (6,322 kcal/kg GAR, 12.26% total moisture, 0.66% sulfur, and 7.94% ash) has been set at US$109.74 per ton, up from US$106.94 in the first half of the month.

Read also: Coal benchmark prices rise across all grades in early October

Lower-grade coal prices also recorded further gains:

• HBA I (5,300 kcal/kg GAR, 21.32% moisture, 0.75% sulfur, 6.04% ash) rose to US$67.76 per ton, from US$64.84 earlier this month.
• HBA II (4,100 kcal/kg GAR, 35.73% moisture, 0.23% sulfur, 3.90% ash) increased to US$43.71 per ton, up from US$43.12.
• HBA III (3,400 kcal/kg GAR, 44.30% moisture, 0.24% sulfur, 3.88% ash) climbed to US$33.92 per ton, compared with US$32.95 in early October.

The continued rise follows a strong rebound seen in early October, reflecting tighter regional supply and steady demand from major Asian buyers, particularly India and China.

Indonesia’s bi-monthly HBA serves as the official reference for domestic coal pricing and royalty calculations. The benchmark is closely monitored by producers, traders, and policymakers as an indicator of market trends and export competitiveness.

Editing by Reiner Simanjuntak