【SMM Flash News】 Indonesia's HPM Nickel Further Decreased in Second Half of September

Indonesia's Ministry of Energy and Mineral Resources (ESDM) has officially released the Nickel Mineral Reference Price (HMA) for the second half of September 2026.

The nickel HMA for the second half of September was set at USD 16,698.00/mt, down USD 35.33/mt, or 0.21%, from USD 16,733.33/mt in the first half of September. The cobalt HMA was USD 52,704.33/mt, while the iron ore HMA was USD 1.47/mt and the chrome ore HMA was USD 6.37/mt.

Following the revised nickel ore HPM formula under Kepmen ESDM No.363.K/MB.01/MEM.B/2026, which took effect on September 15, 2026, the nickel ore HPMs are as follows:

· Ni 1.2%: $24.89/wmt, down $20.77/wmt, based on the new HPM formula for Ni 1.2% grade and below.

· Ni 1.3%: $49.20/wmt, down $0.69/wmt.

· Ni 1.4%: $53.83/wmt, down $0.24/wmt.

· Ni 1.5%: $58.50/wmt, down $0.25/wmt.

· Ni 1.6%: $63.38/wmt, down $0.26/wmt.