Indonesia lowers coal benchmark prices in second half of February

By Romel S. Gurky

The Ministry of Energy and Mineral Resources (ESDM) has set its Reference Coal Prices (Harga Batu Bara Acuan/HBA) for the second period of February 2026, with benchmark prices declining across all coal grades compared with the first half of the month.

The pricing is stipulated under Ministerial Decree No. 97.K/MB.01/MEM.B/2026 on Reference Metal Mineral Prices and Reference Coal Prices for the second period of February 2026, a copy of which was obtained by Petromindo.com on Monday.

The benchmark HBA for coal 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$102.87 per tonne, down from US$106.11 per tonne in the first period of February.

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$71.74 per tonne, compared with US$73.96 per tonne previously.

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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%, was set at US$47.34 per tonne, lower than US$48.21 per tonne in the first half of the month.

Meanwhile, 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 priced at US$33.85 per tonne, down from US$35.83 per tonne previously.

Indonesia revises its coal benchmark prices twice a month. The HBA serves as a key reference for coal sales transactions and as the basis for calculating state royalties from coal production.

Editing by Reiner Simanjuntak