[SMM Nickel Flash News] Indonesia Update — September 17, 2026

Indonesian nickel ore CIF average prices edged down across the main grades:

· 1.2% Ni: CIF average price at $27/wmt, unchanged

· 1.4% Ni: CIF average price at $51.8/wmt, down $0.6/wmt

· 1.5% Ni: CIF average price at $58.5/wmt, down $0.3/wmt

· 1.6% Ni: CIF average price at $63.4/wmt, down $0.5/wmt

The Indonesian nickel ore market remains in a wait-and-see period, with the market monitoring further RKAB approvals and potential quota adjustments. Meanwhile, Indonesia's Ministry of Energy and Mineral Resources (ESDM) has revised the nickel ore HPM formula under Kepmen ESDM No. 363.K/MB.01/MEM.B/2026, effective September 15. The revision mainly lowers the corrective factor for low-grade nickel ore, significantly reducing the HPM benchmark for low-grade limonite and bringing it closer to prevailing market prices. The revised formula puts the HPM for 1.2% Ni ore at around $24.89/wmt, down about 45% from the previous level. The government said the revision aims to make nickel ore feedstock more economical for smelters, while its impact will continue to be evaluated.