[SMM Nickel Flash News] Daily Update — September 21, 2026

In terms of prices, Indonesian nickel ore CIF average prices remained at the latest assessed levels:

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

1.4% Ni: CIF average price at $51.8/wmt

1.5% Ni: CIF average price at $58.5/wmt

1.6% Ni: CIF average price at $63.4/wmt

Indonesia Policy & Market Update — September 21, 2026

The Indonesian nickel ore market remains cautious as market participants continue to monitor the progress of supplementary RKAB approvals. Additional approvals are gradually entering the market, but the total volume of supplementary quota has yet to be officially released.

PT Vale Indonesia is also awaiting approval for additional RKAB quota for its operations, with the company having previously indicated that its initial allocation covered only part of its requested volume.

Meanwhile, the revised nickel ore HPM formula, effective September 15, has lowered the HPM for low-grade limonite. The 1.2% Ni limonite HPM has fallen to $24.89/wmt, significantly below current market prices. Market attention is now focused on how additional RKAB supply and HPAL demand will affect limonite pricing and whether market prices will gradually move closer to the new HPM level.

Overall, RKAB approvals, the release of additional quota and the response of HPAL and RKEF buyers remain the key factors to watch for the Indonesian nickel ore market in the near term.