[SMM Nickel Flash News] Daily Update — September 2, 2026

In terms of prices, this week marks the first week of the HMA pricing cycle for the first half of September, with the HMA standing at 16,733.33 US dollars per tonne.

Indonesian nickel ore CIF average prices adjusted across all three grades:

• 1.3% Ni: CIF average price at $30/wmt

• 1.4% Ni: CIF average price at $52.8/wmt

• 1.5% Ni: CIF average price at $59.2/wmt

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Indonesia Policy & DSI ICOMEX Update — September 2, 2026

The Indonesian nickel ore market remains in a wait-and-see period, with the market closely monitoring further RKAB approvals and potential quota adjustments.

Meanwhile, DSI is advancing the development of ICOMEX, its digital platform for monitoring and regulating mineral and strategic commodity exports. The platform is expected to progressively integrate key export-related data, including contracts, prices, ore grades, HS codes, vessels, destinations and settlement information.

The development of ICOMEX is expected to improve export data transparency, regulatory oversight and price monitoring, while providing the government with a more comprehensive view of mineral export flows.

Weather conditions across major nickel-producing regions remain generally manageable, although localized heavy rainfall could still cause temporary disruptions to mining and logistics.

The market is also waiting for a potential revision to the HPM formula for limonite ore. Any changes to the pricing mechanism, particularly the treatment of associated metals and corrective factors, could affect limonite pricing and HPAL feedstock economics.

Overall, the market remains cautious, with RKAB approvals, ICOMEX development, weather conditions and the potential limonite HPM revision being the key factors to watch in the near term.