【SMM Nickel Flash News】Indonesia's New Benchmark Price of Nickel Ore

Published: Jan 12, 2026 10:29

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SMM forecasts that the HPM of Indonesia's local ore on the second half of January 2026 will increase with an estimated increase of 12.28%. The HMA for the second half of January is expected to be USD 16,427/dmt, increase by USD 1796.54/dmt.

SMM forecasts that the benchmark HPM for Indonesia's local ore (MC35%) in the second half of January will be as follows：

- HPM for nickel ore with Ni 1.2% grade: USD 16.66/wmt, increase USD 1.82/wmt compared to the first half of January;

- HPM for nickel ore with Ni 1.6% grade: USD 29.04/wmt, increase USD 3.18/wmt compared to the first half of January;

- HPM for nickel ore with Ni 1.7% grade: USD 32.67/wmt, increase USD 3.57/wmt compared to the first half of January;

- HPM for nickel ore with Ni 1.8% grade: USD 36.52/wmt, increase USD 3.99/wmt compared to the first half of January;

- HPM for nickel ore with Ni 2.0% grade: USD 44.84/wmt, increase USD 4.90/wmt compared to the first half of January.

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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