[SMM Analysis] May Hydrometallurgy Intermediate Products Import and Export

Indonesia's Ministry of Energy and Mineral Resource (ESDM) clarified on 25th June 2026 that the total 2026 nickel RKAB quota has not yet been decided, countering the recent uprise speculations from the market. Director General of Minerals and Coal, Tri Winarno, emphasized that the government is still evaluating RKAB revision proposals submitted by mining companies and "Regarding the nickel RKAB, the government will continue to follow the official evaluation mechanism before determining any RKAB revisions. No production figure has been decided yet, as discussions are still ongoing," on Thursday (June 25), adding that the current process is an assessment of industry requirements rather than a relaxation of production limits. While companies may submit RKAB revisions following second-quarter reporting under Ministerial Regulation No. 17/2025, any changes must undergo a comprehensive review based on production data, downstream industry demand, market conditions, supply chain balance, commodity prices, and long-term resource sustainability.

As of now, Indonesia MHP nickel FOB price is $16,067/mt Ni, and Indonesia MHP cobalt FOB price is $51,445/mt Co. The MHP payable indicator (against SMM battery-grade nickel sulphate index) is 81.5-82.5, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 97. The Indonesia high-grade nickel matte FOB price is $16,153/mt Ni.