Coal reference prices mostly higher in second half of January
Friday, January 16 2026 - 08:40 AM WIB
By Romel S. Gurky
Indonesia has set its Reference Coal Prices (Harga Batu Bara Acuan/HBA) for the second period of January 2026, with prices rising across most coal grades, while mid-calorific coal recorded a slight decline, according to a decree from the Ministry of Energy and Mineral Resources (ESDM).
The pricing was stipulated under Ministerial Decree No. 12.K/MB.01/MEM.B/2026 on Reference Metal Mineral Prices and Coal Reference Prices for the second period of January 2026, obtained by Petromindo.com on Friday.
The high-calorific HBA, with a calorific value of 6,322 kcal/kg GAR, total moisture of 12.26%, sulfur content of 0.66% and ash of 7.94%, was set at US$104.03 per tonne for January. This marks a slight increase from US$103.30 per tonne set for the first half of the month.
Prices for lower-calorie coal showed mixed movements compared with the early-January levels.
Read also: Indonesia’s reference coal prices open 2026 higher across all grades
HBA I, with a calorific value of 5,300 kcal/kg GAR, total moisture of 21.32%, sulfur of 0.75% and ash of 6.04%, was fixed at US$71.61 per tonne, down marginally from US$72.23 per tonne in the first period of January.
Meanwhile, HBA II coal, with a calorific value of 4,100 kcal/kg GAR, total moisture of 35.73%, sulfur of 0.23% and ash of 3.90%, rose to US$48.39 per tonne from US$47.05 per tonne earlier this month.
HBA III, the lowest-calorific category at 3,400 kcal/kg GAR, total moisture of 44.30%, sulfur of 0.24% and ash of 3.88%, was set at US$35.38 per tonne, up slightly from US$35.13 per tonne in the first half of January.
Indonesia revises its coal benchmark prices twice a month. The HBA serves as a key reference for coal sales transactions and is used as the basis for calculating state royalties from coal production.
Editing by Reiner Simanjuntak