Argus / Coalindo Indonesian Coal Index Report

Q: Who uses the ICI price assessments?

ICI assessments are used by: * Coal traders, to negotiate and settle physical spot trades. * Mining companies, to support financing and investment plans. * Power plants, cement producers and industrial facilities, to assess fuel cost exposure. * The Indonesian government, for tax calculations, domestic coal pricing and policy decisions.

Q: How can I access the Argus/Coalindo Indonesian Coal Index Report?

The report is available via the Argus Direct® platform, which provides access to weekly price assessments, monthly averages, trend charts and downloadable PDF publications. Data feeds and API access are also available for system integration.

Weekly Indonesian coal price benchmarks across five thermal grades, jointly produced by Argus and PT Coalindo Energy for Asia-Pacific markets.

The Argus/Coalindo Indonesian Coal Index Report is a weekly price report delivering benchmark assessments for Indonesian thermal coal across five key grades. Jointly produced by Argus and PT Coalindo Energy on a 50/50 basis, the report publishes the Indonesian Coal Index (ICI) price assessments — the leading price reference used by Indonesian coal buyers, sellers and the Indonesian government for spot trades, tax calculations, financial analysis and production planning.

At a glance

Weekly ICI prices for five Indonesian coal grades.
Jointly assessed on a 50/50 Argus and Coalindo basis.
Benchmark for trading, tax and investment decisions.
Grade specifications fob Kalimantan per tonne.
Monthly ICI averages and competitive trend data included.
Referenced by the Indonesian government for price policy.

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Key features

Weekly benchmark prices

Five ICI prices, spanning grades from 3,400 to 6,500 kcal GAR, are published weekly, providing consistent and timely references for Indonesian thermal coal trading and contract discussions.

Dual-methodology assessment

Each ICI index is the equal average of independent Argus and PT Coalindo Energy assessments, delivering a balanced, market-reflective benchmark trusted across Asia-Pacific coal markets.

Coal grade specifications

ICI prices cover five standardised grades fob Kalimantan, with defined sulphur, ash, moisture and vessel size parameters, enabling direct comparability across Indonesian thermal coal grades.

Monthly ICI averages

Monthly average ICI prices are published for all five grades, supporting trend analysis, contract pricing and financial reporting across the Indonesian coal market.

Competitive trend charts

Reference graphs track ICI 2 differentials against Argus fob Richards Bay and fob Newcastle 5,500 kcal assessments, enabling users to monitor Indonesian coal spreads against key global benchmarks.

Argus Direct® access

The report and underlying data are available via the Argus Direct® platform, providing integrated access to price assessments, trend charts and downloadable publications.

How Argus assesses Indonesian coal markets

Jointly constructed indexes
Each ICI index is the equal average of the Argus and PT Coalindo Energy assessments for the corresponding Indonesian coal grade.
Grade-specific assessments
Five grades from 3,400 to 6,500 kcal GAR are assessed, each defined by sulphur, ash, moisture, energy value and vessel size specifications.
Fob Indonesia pricing basis
Argus assesses each component on a fob Indonesia basis, following the Argus Coal Daily International methodology.
Weekly publication schedule
Published weekly on Friday, moving to the prior working day if Friday is a public holiday in Indonesia or Singapore.
Holiday assessment continuity
If PT Coalindo Energy does not assess during a holiday period, each ICI index equals the Argus component for that week.

Argus Scrap market assessment process: define, gather data, verify, assess value, publish prices

Who uses this service

The Argus/Coalindo Indonesian Coal Index Report is used by organisations across the Asia-Pacific coal market, from traders and miners to industrial consumers and government bodies.

Traders

Reference ICI prices to negotiate and settle physical spot trades with confidence.
Benchmark Indonesian coal against South African and Australian grades using competitive trend charts.
Identify market movements and trading opportunities using weekly price data.

Mining companies

Use ICI prices to support investment plans and secure project financing.
Benchmark production against independently assessed market rates for offtake negotiations.
Rely on methodology-backed data to underpin financial reporting and strategic planning.

Heavy industry

Track ICI prices to assess fuel cost exposure across power, cement and industrial operations.
Use monthly averages to support budget planning and procurement decisions.
Monitor grade-specific price movements to optimise coal sourcing strategies.

Frequently asked questions

What Indonesian coal grades are covered by the Argus/Coalindo Indonesian Coal Index Report?

The report covers five Indonesian thermal coal grades fob Kalimantan:

ICI 1: 6,500 kcal/kg GAR (6,200 NAR).
ICI 2: 5,800 kcal/kg GAR (5,500 NAR).
ICI 3: 5,000 kcal/kg GAR (4,600 NAR).
ICI 4^™: 4,200 kcal/kg GAR (3,800 NAR).
ICI 5: 3,400 kcal/kg GAR (3,000 NAR).

Each grade is assessed with defined specifications for sulphur, ash, total moisture and vessel size.

What is the Indonesian Coal Index and how is it used?

The Indonesian Coal Index (ICI) is the leading price benchmark for Indonesian thermal coal. It is used by buyers and sellers across Asia-Pacific for spot trade negotiations and contract settlements, and by the Indonesian government for tax calculations, domestic coal pricing and investment analysis.

How often are ICI prices published?

ICI prices are published weekly, normally on Friday. If Friday is a public holiday in Indonesia or Singapore, publication moves to the previous working day.

How is each ICI index price calculated?

Each ICI index is the equal average of two independent assessments:

The Argus component, assessed on a fob Indonesia basis per the Argus Coal Daily International methodology.
The PT Coalindo Energy component, assessed using Coalindo's independent methodology.

During periods when PT Coalindo Energy does not assess the market, the ICI index equals the Argus component.

Who uses the ICI price assessments?

ICI assessments are used by:

Coal traders, to negotiate and settle physical spot trades.
Mining companies, to support financing and investment plans.
Power plants, cement producers and industrial facilities, to assess fuel cost exposure.
The Indonesian government, for tax calculations, domestic coal pricing and policy decisions.

How can I access the Argus/Coalindo Indonesian Coal Index Report?

The report is available via the Argus Direct^® platform, which provides access to weekly price assessments, monthly averages, trend charts and downloadable PDF publications. Data feeds and API access are also available for system integration.

How do ICI prices compare with other global coal benchmarks?

The report includes reference charts tracking ICI 2 differentials against Argus fob Richards Bay and fob Newcastle 5,500 kcal assessments, enabling users to monitor Indonesian coal price spreads relative to South African and Australian export benchmarks.

Key price assessments

The ICI price assessments provide benchmarks for five Indonesian thermal coal grades fob Kalimantan, widely referenced across Asia-Pacific for spot trading, contract pricing, tax calculations and investment analysis.

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