[Indonesia Domestic Nickel Ore Benchmark Price] Indonesia’s nickel HMA fell again in the first half of September.

Indonesia's Ministry of Energy and Mineral Resources (ESDM) has officially released the benchmark mineral price (HMA) for the first half of September 2026. The HMA for this period is as follows: nickel price at US$16,733.33/tonne, decrease from US$16,960/tonne in the second half of August 2026, representing a decrease of US$226.67/tonne, or 1.33%. Meanwhile, the benchmark prices for other minerals are: cobalt at US$55,852.67/tonne, iron ore at US$1.43/tonne, and chromite ore at US$6.37/tonne.

According to SMM's internal calculation model, based on simulations for pyrometallurgical ore (20% Fe, 1% Cr, 0.05% Co) and hydrometallurgical ore (45% Fe, 2% Cr, 0.10% Co), the benchmark nickel ore prices (HPM) for different grades have changed as follows:

- Ni 1.2%: US$45.65/wmt (decrease US$0.46)

- Ni 1.3%: US$49.90/wmt (decrease US$0.52)

- Ni 1.4%: US$54.07/wmt (decrease US$0.50)

- Ni 1.5%: US$58.75/wmt (decrease US$0.56)

- Ni 1.6%: US$63.64/wmt (decrease US$0.63)