【SMM Nickel Flash News】 Indonesia to Launch New Nickel HPM Formula April 15: CF for 1.6% Ore Surges to 30%

Published: Apr 13, 2026 14:56

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Effective April 15, 2026, Indonesia’s ESDM will implement a revised Nickel Ore HPM formula. The Correction Factor (CF) for 1.6% grade ore rises to 30%, decreasing by 1% for every 0.1% drop in nickel grade. Byproducts are now explicitly valued: Cobalt and Iron carry a 30% CF, while Chromium is 10%. Crucially, cobalt will only be factored into the pricing if its content is >= 0.05%, and iron content must be <= 35% to be included in the calculation.

HPM Nickel Ore = 【(HMA Nickel * %Ni * CF Nickel Ore) + (HMA Cobalt * %Co * CF Cobalt ) + (HMA Iron Ore * %Fe *CF Iron) + (HMA Chrome Ore * %Cr * CF Chrome)】*（1-MC)

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