节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：6/10
根据能源与矿产资源部第365.K/MB.01/MEM.B/2025号决议，2025年11月第二阶段，最高热值的基准煤炭价格较11月第一阶段每吨下降1.72美元 。
在该决议中，基准煤炭价格分为四类：热值为6322千卡/千克GAR的HBA，较2025年11月第一阶段每吨下降1.72美元，从每吨103.75美元降至102.03美元；热值为5300千卡/千克GAR的HBA I，价格从每吨67.22美元微涨至67.29美元；热值为4100千卡/千克GAR的HBA II，价格从每吨44.02美元涨至44.29美元；热值为3400千卡/千克GAR的HBA III，价格从每吨33.74美元涨至33.88美元。
热值为6322千卡/千克GAR的煤炭，用作电力供应和工业燃料销售价格的基准，但不包括金属矿物加工和精炼行业。
印尼煤炭开采协会执行理事吉塔·玛希拉妮此前表示，预计今年年底前煤炭价格不会有显著上涨 。她在不久前的2025年印尼煤炭会议结束后接受采访时称，“由于大宗商品尤其是煤炭价格很大程度上取决于自身需求，存在供需因素” 。
她指出，全球最大市场之一的中国目前仍需要煤炭，尽管其中国也有ǔ..
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