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