Indonesia's Energy and Mineral Resources Ministry released the September first-half 2026 HBA thermal coal reference prices on August 31, with most grades declining from the August second-half levels.

The HBA for 6,322 Kcal/kg GAR coal was set at $126.87/t, up $2.81/t or 2.3% from August 15.

The HBA I, gauging 5,300 Kcal/kg GAR, was priced at $96.05/t for the same period, down $1.87/t or 1.9%. The HBA II, measuring 4,100 Kcal/kg GAR, was set at $65.06/t, down $0.75/t or 1.1% from the previous half, while the HBA III, basis 3,400 Kcal/kg GAR, was set at $44.15/t, a drop of $1.19/t or 2.6%.

Under an ESDM regulation effective since March 1, 2025, Indonesian coal exports are mandated to link with the country's domestic reference price, the HBA. The benchmark, which used to be updated monthly, is now published bi-weekly by the ministry on the 1st and 15th of each month.

The HBA published on the first day is calculated as 30% of the average price in the second and third weeks of the month before last and 70% of the price from the fourth week of the month before last and the first week of the previous month. The benchmark price published on the 15th is calculated as 30% of the price from the fourth week of the month before last and the first week of the previous month, and 70% of the price from the second and third weeks of the previous month.