- High-CV coal prices up; market turns positive
- Mid- to low-CV coal indexes decline
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 July 2025, showing a rise for high-calorific value coal and drop in price trends across other grades.
High-CV coal prices rise
The benchmark price of high-calorific value (CV) coal (6,322 kcal/kg GAR), Indonesia’s top grade, experienced a significant rise to USD 107.35/tonne (t), marking an 8.9% increase from the second half of June.
Mid-CV coal record sharp decline
Meanwhile, The HBA-I benchmark for mid-range thermal coal (5,300 kcal/kg GAR), coal recorded a 5.5% drop to USD 71.5/t. This price is the lowest since March. The fall signals weakening demand across Asian markets.
Low-CV coal witnesses slight drop
Price movements in the lower calorific value coal categories were modest in comparison. The HBA-II price of 4,100 kcal/kg GAR coal was at $49.75/t, slipping 0.9% from the previous reference. Also, the HBA-III benchmark for the lowest grade (3,400 kcal/kg GAR) saw a fall of 0.7% to $35.87/t. These minor declines suggest cautious demand for low-CV coal.
Outlook
Overall, the latest HBA revision highlights strengthening sentiment for high-grade coal, while prices for mid-grade coal face downward pressure from softening global demand and low-grade varieties facing a slight fall amid cautious demand.
Traders and producers are closely watching further price announcements. Regular updates strengthen regulatory transparency, and any price drop may lead to increased exports, especially to responsive markets like India and China.
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