HBA edges lower for top grade, mixed for others

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 November 2025, with most reference prices remaining relatively stable following declines recorded in the first half of the month.

According to Ministerial Decree No. 365.K/MB.01/MEM.B/2025 on Reference Prices for Metallic Minerals and Coal for the Second Half of November 2025, obtained by Petromindo.com on Monday, 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$102.03 per ton, down from US$103.75 in early November.

Read also: Coal benchmark prices ease in early November after recent gains

Movements in lower-grade benchmarks were mixed:

• HBA I (5,300 kcal/kg GAR, 21.32% moisture, 0.75% sulfur, 6.04% ash) was set at US$67.29 per ton, nearly unchanged from US$67.22 in the previous period.
• HBA II (4,100 kcal/kg GAR, 35.73% moisture, 0.23% sulfur, 3.90% ash) rose slightly to US$44.29 per ton, compared with US$44.02 earlier.
• HBA III (3,400 kcal/kg GAR, 44.30% moisture, 0.24% sulfur, 3.88% ash) also edged up, reaching US$33.88 per ton, from US$33.74 in the first half of November.

Indonesia sets its HBA twice each month, and the reference prices remain a key indicator for producers and traders, guiding domestic coal sales and royalty calculations.

Editing by Reiner Simanjuntak