Reference Coal Price for November 2025 Falls to US 103.75 per Ton
November 1, 2025 • Ben Asmadeus
The Ministry of Energy and Mineral Resources (ESDM) set the reference coal price (HBA) for period I November 2025 at US 103.75 per ton, down from US 109.74 per ton. The price is effective for two weeks starting 1 November 2025.
The HBA serves as the basis for calculating Non‑Tax State Revenue (PNBP) tariffs on coal sales and as a market reference domestically and internationally. According to Ministerial Decree No. 348.K/MB.01/MEM.B/2025, an 18% PNBP rate applies when HBA is between US 70‑120 per ton, with rates rising progressively to 28% for HBA of US 180 per ton.
The lower reference price aims to maintain stability of coal sale prices and reduce the tariff burden on producers while preserving state revenue. The rule provides certainty for mining companies in cost planning and price setting.
Source: DDTCNews