Indonesia raises high-calorie coal benchmark to $131.85/tonne for late July
Indonesia's energy ministry lifted its Coal Reference Price (HBA) for high-calorie coal to US$131.85 per tonne in the second period of July 2026, up from US$126.58. Two lower grades also firmed while the 5,300 kcal grade eased. The benchmark drives sales prices and producers' payments to the state.
Ministry raises high-calorie coal benchmark
Indonesia's Ministry of Energy and Mineral Resources (ESDM) has raised its Coal Reference Price (Harga Batubara Acuan, HBA) for high-calorie coal in the second period of July 2026. The adjustment was set through Ministerial Decree No. 285.K/MB.01/MEM.B/2026, signed by Energy Minister Bahlil Lahadalia on 14 July 2026, according to liputan6.com.
The benchmark for coal with a calorific value of 6,322 kcal/kg GAR was fixed at US$131.85 per tonne, equivalent to about Rp 2.3 million at an assumed exchange rate of 17,990 rupiah to the dollar. That is up from US$126.58 per tonne in the first period of July, liputan6.com reported.
Lower grades mostly firmer
Two of the lower calorific grades also strengthened. Coal rated at 4,100 kcal/kg GAR rose to US$63.25 per tonne from US$62.59, while 3,400 kcal/kg GAR climbed to US$45.08 from US$41.91. The exception was the 5,300 kcal/kg GAR grade, which was corrected down to US$89.90 per tonne from US$90.94 in the first July period.
Indonesia sets four HBA categories based on calorific value — 6,322, 5,300, 4,100 and 3,400 kcal/kg GAR — under Ministerial Decree No. 72 of 2025, which governs benchmark pricing for metal minerals and coal, liputan6.com noted.
Why the benchmark matters
According to economy.okezone.com, the HBA is not merely an indicator: it feeds the Coal Benchmark Price (Harga Patokan Batubara, HPB) used in actual sales transactions and in calculating producers' payment obligations to the state. The ministry says it revises the figures periodically to reflect movements in international coal prices and to balance the interests of miners against state revenue.
The July move extends a broadly rising trend. In the first period of June 2026, liputan6.com reported, all coal categories gained against late May: the 6,322 kcal/kg GAR grade was set at US$121.83 per tonne, up from US$116.32, while the 5,300, 4,100 and 3,400 kcal/kg grades were fixed at US$84.53, US$58.81 and US$40.32 per tonne respectively. Measured against those June levels, the top grade has since added roughly US$10 per tonne.
Metals updated alongside coal
In the same round, ESDM refreshed its Metal Mineral Reference Price (HMA). Okezone reported nickel at US$15,347 per dry metric tonne, copper at US$10,362.32 per dmt, gold at US$4,180.62 per troy ounce and silver at US$42.01 per troy ounce. Those figures serve as the reference for the Mineral Benchmark Price (HPM).