【SMM Flash News】Indonesia's HPM Forecasted to Decrease 1.37% in Early April

Published: Mar 26, 2026 12:09

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SMM forecasts a marginal softening in the Indonesian domestic nickel ore benchmark (HPM) for the first half of April 2026, with prices expected to decline by 1.37%. This downward adjustment is primarily driven by a $236.56/dmt drop in the HMA, which is projected to settle at $17,093/dmt. Based on an MC35% calculation, the revised HPM targets across key grades are as follows:

• Ni 1.2%: USD 17.33/wmt (↓ $0.24)
• Ni 1.6%: USD 30.22/wmt (↓ $0.42)
• Ni 1.7%: USD 34.00/wmt (↓ $0.47)
• Ni 1.8%: USD 38.00/wmt (↓ $0.53)
• Ni 2.0%: USD 46.66/wmt (↓ $0.65)

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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