[SMM Nickel Market Flash] Korea's Spear Advances Indonesia HPAL Nickel Smelter with Tsingshan and NIC as Partners

Published: May 26, 2026 18:13

Save

South Korean aerospace materials group Spear is advancing construction of a next-generation High-Pressure Acid Leach (HPAL) nickel smelter in Indonesia, with acquisition of the project finalized earlier this year. The company is operating the Indonesian business through strategic partnerships with NIC, a globally listed minerals company, and Tsingshan Group, the world's largest nickel producer. Spear said it expects to recognize equity method gains and operational profits from the smelter going forward, alongside growth in nickel raw material distribution. Part of the 90 billion won raised through a recent CB block deal will be allocated to completing construction and funding offtake settlements for high-purity nickel output.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

13 mins ago

Slower High-Grade NPI Procurement Pace as Steel Mills Finish Stockpiling, Market Activity Moderate

[SMM Nickel Flash] On August 12, with mainstream steel mills largely wrapping up their peak-season stockpiling, the overall procurement pace for high-grade NPI has slowed down, and only a few enterprises still have restocking needs. Trading-side offers are showing signs of easing, yet price disagreements between upstream and downstream persist, and overall market trading activity remains moderate.

13 mins ago

17 mins ago

SMM High-Grade NPI Sentiment Rises Slightly in August, Upstream and Downstream Factors Steady

[SMM Nickel Flash] August 12, SMM high-grade NPI market sentiment factor was 1.96, up 0.01 MoM; the upstream sentiment factor for high-grade NPI was 2.07, up 0.01 MoM; and the downstream sentiment factor for high-grade NPI was 1.84, flat MoM.

17 mins ago

52 mins ago

[SMM Nickel Intermediate Products Daily Review] August 12: MHP and High-Grade Nickel Matte Prices Decline

As of now, the FOB price of Indonesian MHP nickel is $15,118/mt Ni, and the FOB price of Indonesian MHP cobalt is $46,621/mt Co. MHP payables (against SMM battery-grade nickel sulphate index) are 82.5-83.5, and the MHP cobalt payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 88. The FOB price of Indonesian high-grade nickel matte is $15,541/mt Ni.

52 mins ago