【SMM Flash News】Indonesia's Nickel Ore HPM Forecasted to Increase 1.32% in Mid March

Published: Mar 10, 2026 12:10

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SMM predicts the Indonesian domestic nickel ore benchmark price (HPM) will increase by 1.32% for the second half of March 2026. This gain follows an expected rise in the HMA to USD 17,329/dmt (down USD 225.56/dmt). Under the MC35% calculation, the forecasted HPM levels across key grades are:

• Ni 1.2%: USD 17.57/wmt (↑ $0.23)

• Ni 1.6%: USD 30.64/wmt (↑ $0.4)

• Ni 1.7%: USD 34.47/wmt (↑ $0.45)

• Ni 1.8%: USD 38.52/wmt (↑ $0.5)

• Ni 2.0%: USD 47.31/wmt (↑ $0.62)

The market is closely monitoring the pending RKAB approvals, though clarity for next month’s RKAB approval is still lacking. Given the upcoming Eid Al-Fitr break, a slowdown in the administrative process is highly likely. If these delays persist through the end of the month, there is a possibility for an upward in the ore price.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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