[SMM Nickel Flash] Indonesia Market Update — October 19, 2026

Published: Oct 19, 2026 15:44 (GMT+8)

Source: SMM

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Indonesia nickel ore spot prices continued to weaken this week, with SMM’s latest assessments as follows:

1.2% Ni: average price US$25.5/wmt, down US$1.0/wmt

1.3% Ni: average price US$27.5/wmt, down US$1.0/wmt

1.4% Ni: average price US$47.1/wmt, down US$4.7/wmt

1.5% Ni: average price US$52.5/wmt, down US$6.0/wmt

1.6% Ni: average price US$57.1/wmt, down US$6.3/wmt

On the market side, Indonesia’s nickel HMA for the second half of October fell to US$15,847.67/mt, down 2.91% from the previous period, pulling HPM benchmarks lower across different ore grades and reinforcing bearish market sentiment.

At the same time, additional RKAB quotas are gradually being released, raising expectations for higher actual ore supply in the fourth quarter. Smelter raw-material inventories remain relatively comfortable, with some plants holding around two months of consumption, limiting near-term spot restocking demand.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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