New Regulations Take Effect: This is the list of reference coal prices for March 2025

The government officially set the Reference Coal Price (HBA) for March 2025 through the Ministerial Decree (Kepmen) of Energy and Mineral Resources (ESDM) Number 80.K / MB.01 / MEM.B / 2025. This HBA is a benchmark price in coal sales.

The determination of the HBA is based on Ministerial Decree Number 72.K/MB.01/MEM.B/2025 which regulates the guidelines for setting benchmark prices for metal mineral and coal commodities. This policy has been in effect since March 1, 2025.

In Kepmen 72.K/2025, there are three main formulas:

1. Metal Mineral Benchmark Price (HPM) - listed in Appendix I.
2. Reference Coal Price (HBA) - listed in Appendix II.
3. Coal Benchmark Price (HPB) - listed in Appendix III.

In accordance with the rules, mineral and coal pricing is carried out every 1st and 15th of each month.

Impact of Ministerial Decree on Coal Exports

The Indonesian Coal Mining Association (APBI) emphasized that the Decree has been in effect since March 1, 2025, including for coal export transactions.

Acting Executive Director of APBI/ICMA, Gita Mahyarani, explained that export coal selling prices below HPB will be rejected in the Electronic Non-Tax State Revenue (e-PNBP) system.

“The system will automatically reject prices below HPB in e-PNBP, which has an impact on the non-issuance of export licenses from ESDM,” said Gita on Saturday (1/3).

However, APBI is still collecting data related to members affected by this policy.

March 2025 Reference Coal Price

Based on Kepmen ESDM Number 80.K/2025, the following is a list of HBA for March 2025:

1. Coal (6,322 GAR)
   Price: US$ 128.24 per ton
   Specification: 6,322 kcal/kg GAR, Total Moisture 12.26%, Total Sulphur 0.66%, Ash 7.94%
   
   
2. Coal I (5,300 GAR)
   Price: US$ 82.66 per ton
   Specification: 5,300 kcal/kg GAR, Total Moisture 21.32%, Total Sulphur 0.75%, Ash 6.04%
   
   
3. Coal II (4,100 GAR)
   Price: US$ 50.7 per ton
   Specifications: 4,100 kcal/kg GAR, Total Moisture 35.73%, Total Sulphur 0.23%, Ash 3.90%
   
   
4. Coal III (3,400 GAR)
   Price: US$ 34.16 per ton
   Specifications: 3,400 kcal/kg GAR, Total Moisture 44.30%, Total Sulphur 0.24%, Ash 3.88%