Indonesia cuts high-CV coal benchmark price for first half of Jun’25

• High-CV coal index on a decline since Mar’25
• Mixed price movements in mid- and low-CV coal

Indonesia’s Ministry of Energy and Mineral Resources (ESDM) has revised its benchmark thermal coal prices (Harga Batubara Acuan or HBA) for the first half of June 2025, showing a sharp drop for high-calorific value coal and mixed trends across other grades. The HBA is being released twice on the 1st and 15th of every month since March this year.

High-CV coal sees steep drop

The benchmark price for 6,322 kcal/kg GAR coal, Indonesia’s highest calorific value grade, fell to $100.97/tonne (t), marking an 8.5% decline from the second half of May. This is the lowest level recorded since this derivative price series began in March, reflecting weakening demand or increased supply in the high-grade segment.

Mid-CV coal posts modest gain

Meanwhile, the HBA-I for 5,300 kcal/kg GAR coal recorded a 1% increase, rising to $77.59/t. This suggests relatively steady buying interest, especially in the power sector across markets in Asia.

Low-CV grades show marginal shifts

For lower-grade coal, the adjustments were minimal. The HBA-II for 4,100 kcal/kg GAR was priced at $50.08/t, slipping 1% from the previous reference. In contrast, the HBA-III for 3,400 kcal/kg GAR edged up 0.1% to $35.47/t, indicating largely stable market conditions for the lowest calorific band.

Overall, the latest HBA revision highlights weakening sentiment for high-grade coal, while prices for mid- and low-grade varieties remain largely rangebound amid cautious market demand.