Indonesia's Local Ore Benchmark Prices Expected to Remain Stable or Slightly Decline in Early June

Published: May 26, 2025 10:22

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[Benchmark Price of Indonesia's Local Ore] SMM expects the HPM of Indonesia's local ore to remain stable or slightly decline in the first half of June, with an estimated MoM decrease of 0.06%. The HMA in the first half of June is $15,405/mt, a decrease of $10/mt.

SMM expects the benchmark price of Indonesia's HPM local ore (MC35%) in the first half of June to be as follows:

- The HPM price of nickel ore with 1.2% Ni grade is $15.62/wmt, a decrease of $0.01/wmt compared to the HPM in the second half of May.

- The HPM price of nickel ore with 1.6% Ni grade is $27.24/wmt, a decrease of $0.02/wmt compared to the HPM in the second half of May.

- The HPM price of nickel ore with 1.7% Ni grade is $30.64/wmt, a decrease of $0.02/wmt compared to the HPM in the second half of May.

- The HPM price of nickel ore with 1.8% Ni grade is $34.25/wmt, a decrease of $0.02/wmt compared to the HPM in the second half of May.

- The HPM price of nickel ore with 2.0% Ni grade is $42.06/wmt, a decrease of $0.03/wmt compared to the HPM in the second half of May.

The overall HPM prices remain stable this period. Despite supply-side disruptions such as the continuation of the rainy season and market concerns about the progress of RKAB approvals, prices are dragged down by weak downstream demand. Looking ahead, SMM expects that the premium in June is unlikely to rise and may even see a slight decrease. The market anticipates subsequent transactions.

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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