HBA known as Harga Batubara Acuan hits historical low as reference price for August 2020. It has been set at $50.34/mt down 30% on a YoY basis.

HBA is being set by Indonesia’s Ministry of Energy and Mineral Resources as reference price of thermal coal for Indonesian coal. 

As per data available with us, Aug 2020 price is lowest since Jan 2009. Prior to this, in Feb 2016 it hit $50.92/mt and highest we have seen was in Feb 2011 at $127.05/mt.

The HBA is a monthly average price based 25% each on Platts Kalimantan 5,900 kcal/kg GAR assessments, Argus-Indonesia Coal Index 1 (6,500 kcal/kg GAR), Newcastle Export Index (6,322 kcal/kg GAR) and globalCOAL Newcastle (6,000 kcal/kg NAR). It is based on 6,322 kcal/kg GAR coal with 8% total moisture content, 15% ash as received and 0.8% sulfur as received.

“Domestic demand of coal in Indonesia predicted down by 20%” according to  Mr Yudhi Putro, a Practitioner at Indonesia Coal Industry. “The second half of 2020, producer will take major production cut to avoid cash loss due to low price curve” he added.

HBA is also applicable for royalty payment on Coal to Indonesian government.

For price and production data, please download the table.


The Minister of Energy and Mineral Resources Republic Indonesia, CoalSpot.com, Platts