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Exclusive analysis articles with the latest market updates, and real-time news feeds.
![[SMM Analysis] Brussels is watching Brazil, but Europe's missing ferronickel went elsewhere](https://imgqn.smm.cn/usercenter/WNjzM20251217171732.jpeg)
[SMM Analysis] Brussels is watching Brazil, but Europe's missing ferronickel went elsewhere
Trade data seem to back Brussels' fear that Brazilian ferronickel is drifting to China, but Pará has filled the gap Goiás left. Europe's 2026 shortfall comes from gas-hit Cerro Matoso and the exit of Indonesian NPI ahead of CBAM, neither of which a merger review can fix.
Oct 23, 2026 18:01 (GMT+8)
Indonesia Nickel Ore Market Weekly Report
Indonesia Nickel Market Nickel ore prices continue to decline, with sharper losses in medium- and high-grade saprolite Indonesian nickel ore prices continued to weaken this week, with medium- and high-grade saprolite recording significantly larger declines than low-grade limonite. According to the weekly market report, the average prices of 1.2% Ni and 1.3% Ni limonite fell to US$25.5/wmt and US$27.5/wmt, respectively, down US$1/wmt from the previous assessment. Meanwhile, 1.4% Ni, 1.5% Ni and 1.6% Ni saprolite declined to US$47.1/wmt, US$52.5/wmt and US$57.1/wmt, representing decreases of US$4.7/wmt, US$6.0/wmt and US$6.3/wmt, respectively. Nickel ore grade Previous price (US$/wmt) Latest price (US$/wmt) Change 1.2% Ni limonite 26.5 25.5 -1.0 1.3% Ni limonite 28.5 27.5 -1.0 1.4% Ni saprolite 51.8 47.1 -4.7 1.5% Ni saprolite 58.5 52.5 -6.0 1.6% Ni saprolite 63.4 57.1 -6.3 The sharper decline in saprolite prices indicates that the market's previous tightness in higher-grade ore has eased, shifting bargaining power further towards buyers. Lower official benchmarks, expectations of additional supply from supplementary RKAB allocations, and cautious smelter purchasing are collectively weighing on spot prices. In the near term, Indonesian nickel ore prices are likely to remain under pressure unless supply growth slows or downstream purchasing improves. October second-half HMA and HPM reductions reinforce bearish sentiment Indonesia's Ministry of Energy and Mineral Resources (ESDM) announced the nickel ore benchmark prices for the second half of October 2026. The Harga Mineral Acuan (HMA) declined from US$16,322.67/mt in the first half of October to US$15,847.67/mt in the second half, a decrease of US$475/mt or 2.91%. Nickel grade Previous HPM (US$/wmt) New HPM (US$/wmt) Change 1.2% Ni 23.19 22.44 -0.75 1.3% Ni 46.07 44.58 -1.49 1.4% Ni 51.66 50.05 -1.61 1.5% Ni 56.22 54.48 -1.74 1.6% Ni 61.00 59.12 -1.88 The HMA and HPM reductions establish a lower official pricing reference for domestic nickel ore transactions. Actual transaction prices may still vary according to grade, moisture content, contractual terms, quality adjustments and transportation costs. The lower benchmarks reinforce the downward trend and may influence negotiations between miners and smelters. Market participants will therefore monitor how quickly the revised HPM is reflected in actual transaction prices. Supplementary RKAB allocations could increase fourth-quarter ore supply Indonesia's supplementary 2026 RKAB allocations are being released progressively. Market attention has shifted from quota approvals to whether the additional allocations will translate into actual production and shipments. Newly approved quotas do not immediately create physical supply, as mining companies still need to mobilise equipment, maintain roads, prepare stockpiles and arrange transportation. Nevertheless, as more mines resume or expand production, Indonesian nickel ore availability could increase further in the fourth quarter. If this additional supply enters the market while smelter purchasing remains weak, the imbalance between supply and demand could intensify, putting further pressure on spot ore prices. Smelter inventories remain sufficient, while some RKEF lines operate at reduced rates According to the supplied weekly report, Indonesian smelter feedstock inventories are estimated to cover approximately two months of consumption. Pyrometallurgical operations have reported coverage of around 2.7 months, while hydrometallurgical operations have approximately 1.8 months of coverage. These figures suggest that smelters have limited immediate incentive to replenish inventories aggressively, with spot purchases mainly directed towards meeting production requirements. In addition, some RKEF production lines in Morowali have reportedly been affected by industrial water shortages. Based on the SMM survey information provided, certain lines have operated at approximately 30–40% of normal levels since 22 September. This reduction applies to the affected lines and should not be interpreted as a production rate for the entire industrial park. Lower RKEF operating rates reduce saprolite consumption and can further weaken spot purchasing demand. If water shortages persist, actual ore consumption could fall below previous expectations, particularly while inventories remain sufficient. The combination of additional supply from RKAB allocations and weaker demand from affected smelters therefore represents a significant source of downward pressure on Indonesian nickel ore prices. El Niño and water shortages remain key operational risks Indonesia's principal weather-related concern is prolonged dryness and insufficient industrial water availability, rather than the heavy seasonal rainfall affecting parts of the Philippines. Nickel-producing areas such as Morowali face potential constraints on smelting operations when water supplies become insufficient. The market impact is primarily transmitted through demand. Reduced smelter operating rates lower ore consumption and may cause some facilities to reduce spot purchases. However, the effect on refined nickel prices could differ if production losses become sufficiently large. Monitoring should focus on industrial water availability, operating rates at affected RKEF lines, smelter inventory drawdowns and any confirmed production adjustments. Indonesia outlook: bearish conditions likely to persist Indonesia's nickel ore market is expected to remain weak in the near term. Lower HMA and HPM benchmarks, the gradual release of supplementary RKAB allocations, sufficient smelter inventories and reduced operating rates at some RKEF lines are collectively limiting price recovery. The main variables to watch are the conversion of new RKAB allocations into actual shipments, the transmission of the revised HPM into transaction prices, inventory consumption at smelters and the recovery of water supplies in Morowali. If ore supply continues to increase while smelter consumption remains constrained, further declines in spot prices remain possible, particularly for medium- and high-grade saprolite.
Oct 23, 2026 17:01 (GMT+8)
Silver price: Correction brings key $50 level into focus
October 25, 2026 As of October 23, 2026, by Florian Grummes In an environment marked by high uncertainty and tension, precious metals prices came under further pressure over the past two weeks. After trading sideways for around three weeks, gold broke below support at USD 4,065 yesterday and was sold off to USD 3,986 by the start of Asian trading this morning. The bears have left no doubt since late August about who is in control of the silver market. While the previous week had already produced a low of USD 55.40, the sell-off continued this week without any meaningful resistance . In early Asian trading today, the price fell to USD 53.45, clearly below the summer low of USD 54.40. Silver is now at its lowest price in eleven months . Given the correction underway since late January from USD 121.67 (-56%), sentiment is at rock bottom, and silver is once again being written off as “dead money.” Gold and silver price performance in 2026, as of October 23, 2026. © GOLD.DE Sovereign risk and the eurozone’s new fragility At the same time, France’s risk premium over Germany in the bond markets is approaching levels seen during the eurozone debt crisis: At around 175 basis points over German Bunds, the spread on 10-year French government bonds has reached a level that has historically often signaled broader market turmoil in the eurozone. The French 10-year yield recently climbed above five percent—a price signal with implications extending far beyond France. This is because the spread measures not only France’s creditworthiness, but also the fiscal and political cohesion of the monetary union. High debt, large deficits, political paralysis and social tensions ahead of the 2027 presidential election weigh on confidence, refinancing costs and risk appetite across the eurozone at the same time. Any investor with European exposure through equities, credit or the euro should therefore monitor this metric closely. France as the eurozone’s new stress test Moreover, France is not a peripheral outlier, but the eurozone’s second-largest economy. Rising French borrowing costs could also quickly spread to Italy, Belgium, Spain and Portugal through bank balance sheets, insurance portfolios and generally higher risk aversion. While the eurozone has strengthened its institutional framework since 2011, institutions are no substitute for credible fiscal policy. The ECB between firefighter and trap Spread between German and French 10-year government bonds, as of October 22, 2026. © GOLD.DE The ECB’s “Transmission Protection Instrument (TPI)” generally allows bond purchases when a country’s financing conditions tighten in an “unwarranted and disorderly” manner. However, France currently fails to meet precisely this requirement: A significant portion of the spread widening is the result of understandable fiscal and political risks and therefore cannot readily be classified as “unwarranted.” An Allianz research paper sums it up: Only in the event of broader fragmentation in the euro bond market —for example, with French spreads at around 175 basis points, Italian spreads at about 150 basis points, and spreads in Spain and Portugal rising at the same time— would the ECB likely take operational action . The TPI would probably only be considered if the French spread rises above 200 basis points and the Italian spread above 175 basis points Until then, the ECB could initially remain on the sidelines. The market penalty thus acts like an unintended but tangible tightening of monetary policy: More tax revenue goes toward debt service, while fewer funds are available for investment, education and social benefits . At the same time, borrowing becomes more expensive for businesses and households—with adverse consequences for growth, investment activity and purchasing power. Stock markets ignore mounting stress While the eurozone’s fundamentals are increasingly deteriorating and precious metals prices are correcting, equity markets continue to price in relative calm—even though stress is clearly building in the background. Markets are currently telling two contradictory stories. We discussed a similar picture last week for the S&P 500, where bullish and bearish market signals are appearing at the same time. These macroeconomic discrepancies are particularly noteworthy because, over the medium term, one of the two sides is highly likely to be wrong. The key question, therefore, is which market is telling the more fundamentally sound story—and which is merely being driven by momentum, positioning, and short-term capital flows. The silver price provides a textbook example of exactly this: Over the past nine months, the silver market has undergone a sharp and uncompromising correction—without signaling the end of the secular bull market. While the still-ongoing pullback toward USD 50 is an extremely unpleasant stress test for late entrants and a painful lesson in market volatility, anyone who has been active in the precious metals sector long enough knows that these are buying opportunities , as the structural drivers of the bull market remain intact. Correction does not mark the end of the cycle Silver combines monetary demand, industrial use and an extremely small market capitalization. This combination produces both strong upward moves and sharp pullbacks. Meanwhile, the debt crisis, uncertainty over real interest rates and geopolitical fragmentation remain unresolved, while industrial demand for silver, the “critical metal of the future,” is more likely to rise than fall going forward. If the French crisis were to broaden into wider euro fragmentation, the environment for precious metals would change fundamentally. Higher risk premiums, potential ECB intervention, fiscal dominance, and a weaker euro have historically provided favorable conditions for gold and silver . The current correction would then not contradict the crisis, but rather represent its effects being priced in ahead of time. Silver in US dollars – Extremely strong support around USD 50 Silver in US dollars, daily chart as of October 23, 2026. © GOLD.DE With an intraday low of 53.45 so far, silver today fell below its summer low of USD 54.77. Since August 28, the silver price has also essentially moved in only one direction—downward—as interim recoveries have been scarce since the summer high of USD 71.17. However, following a decline of around 25 percent within eight weeks, technical conditions are deeply oversold. The pullback toward USD 50 was to be expected within the decade-long cup-and-handle pattern and is not yet complete . The USD 50 level is crucial, as this is where the 1980 and 2011 highs were located. In the fall of 2025, silver broke above this threshold on a sustained basis for the first time—triggering the subsequent steep rise to USD 121.67. However, the correction underway since January does not automatically invalidate this breakout. So far, it appears to be testing the breakout level in classic fashion. For now, this leaves the daily and weekly charts bearish. Around USD 50, however, the bears are encountering increasingly strong support as well as contrarian buyers. The seasonal pattern also suggests that the final trend reversal should take place by around mid-December—and thus by the Fed’s final interest rate decision of the year. We are therefore not overly concerned. Instead, we now see good buying opportunities again at last in both precious metals and mining stocks, and are therefore consistently using the current period of weakness to make further purchases. Conclusion: Silver – Near its key level The sharp widening of France’s bond spread is once again exposing the fragile political and fiscal foundations of the eurozone. Silver, by contrast, is undergoing a painful but still constructive consolidation following an extreme period of overheating. Those who look only at the daily charts see two weak markets; those who understand the dynamics of debt and confidence see the same crisis at two different points in the financial system—already priced in on one side, still waiting patiently on the other! Unless the ECB intervenes, financing conditions will tighten, with potentially unpredictable consequences for banks, lending, growth and overall risk appetite. For gold and silver, higher risk premiums, fiscal dominance, potential central bank intervention, uncertainty over real interest rates and a weaker euro could become key drivers over the medium term. In addition, the round USD 50 level for silver and the USD 4,000 level for gold are coming into focus. Both levels are technically significant and provide strong support. Silver also has a historical component that leads us to expect the precious metals could turn higher around the levels mentioned over the coming weeks through approximately mid-December. We therefore view the current period of weakness not as a warning sign, but as a normal correction within an intact secular bull market and a rare buying opportunity for long-term investors. Source： https://goldinvest.de/en/silver-price-correction-brings-key-usd50-level-into-focus
Oct 26, 2026 16:42 (GMT+8)
Latest News
Data: SHFE, DCE market movement (Oct 28)
39 mins ago
SMM Nickel Flash: High-Grade NPI Market Sentiment Unchanged, Negotiations Remain Subdued
1 hour ago
Takeaways from 2026 SMM Australia Metals & Investment Seminar: Outlook for Ferrous, Nonferrous and Battery Metals
2 hours ago
Indonesian MHP Nickel Prices Rise, Cobalt and High-Grade Nickel Matte Fall on October 28
According to SMM data, on October 28, the FOB price of Indonesian MHP nickel rose by $15/mt Ni from the previous day, while the FOB price of Indonesian MHP cobalt fell by $357/mt Co. The FOB price of Indonesian high-grade nickel matte fell by $13/mt Ni.
4 hours ago
[SMM Nickel Midday Review] Nickel prices moved sideways on Oct 28, with the market holding its breath ahead of the US Fed decision due tonight.
4 hours ago
Battery-Grade Nickel Sulphate Price Drops by 250 Yuan/mt on October 28
According to SMM data, on October 28, the SMM average price of battery-grade nickel sulphate fell by 250 yuan/mt from the previous day.
4 hours ago
[SMM Nickel Sulphate Daily Review] On October 28, downstream purchasing sentiment was sluggish, and nickel sulphate prices declined.
On October 28, SMM battery-grade nickel sulphate average price declined.
4 hours ago
[SMM Nickel Morning Meeting Summary] Super Central Bank Week begins, awaiting US Fed decision; most-traded SHFE nickel contract shot up then pulled back in early trading
[10.28 Morning Meeting Minutes] The "super central bank week" kicks off, with the US Fed decision to be announced tomorrow morning. The US Fed holds its policy meeting on October 27-28, with the rate decision to be released at 2:00 a.m. Beijing time on October 29. The market expects the Fed to hold rates steady (the probability of a rate hike in October is about 10.5%), but the probability of a cumulative 25 bp rate hike by December has risen to about 78%. The European Central Bank, the Bank of Japan, the Bank of Canada, and the Reserve Bank of New Zealand are also holding policy meetings this week. The 10-year US Treasury yield held steady at 4.98%-4.99%. The most-traded SHFE nickel contract (2612) retreated after a rapid rise in early trading, closing the morning session at 118,160 yuan/mt, down 0.96%. Ahead of the US Fed decision, wait-and-see sentiment prevailed in the market. With uncertainty surrounding rumors of production cuts driven by falling prices, neither bulls nor bears were willing to take the initiative. Nickel's own fundamentals of high inventory and weak demand remained unchanged, and futures continued to consolidate on a weak note as the market awaited the US Fed decision and the month-end production schedule for intermediate products. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 118,000-120,000 yuan/mt.
7 hours ago
Data: SHFE, DCE market movement (Oct 27)
The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 27 Oct , 2026
Oct 27, 2026 16:09 (GMT+8)
SMM High-Grade NPI Sentiment Down, Market Trades Bearishly Amid Weak Liquidity
[SMM Nickel Flash] On October 27, the SMM high-grade NPI market sentiment factor stood at 1.68, down 0.05 MoM. The upstream sentiment factor for high-grade NPI was 1.7, down 0.04 MoM, while the downstream sentiment factor for high-grade NPI was 1.65, down 0.06 MoM. Spot NPI liquidity was weak today, and the overall market traded bearishly.
Oct 27, 2026 14:58 (GMT+8)
Indonesian MHP Nickel and Cobalt FOB Prices Drop, High-Grade Nickel Matte Rises
Oct 27, 2026 11:47 (GMT+8)
![[SMM Nickel Midday Review] Nickel prices consolidate on a subdued note on Oct 27, with strong wait-and-see sentiment ahead of the US Fed decision](https://imgqn.smm.cn/usercenter/CjEnN20251217171733.jpg)
[SMM Nickel Midday Review] Nickel prices consolidate on a subdued note on Oct 27, with strong wait-and-see sentiment ahead of the US Fed decision
Oct 27, 2026 11:39 (GMT+8)
SMM Battery-Grade Nickel Sulphate Price Drops by 250 Yuan/MT on October 27
Oct 27, 2026 11:34 (GMT+8)
[SMM Nickel Sulphate Daily Review] On October 27, Downstream Procurement Sentiment Sluggish, Nickel Sulphate Prices Decline
On October 27, the SMM battery-grade nickel sulphate average price declined.
Oct 27, 2026 11:31 (GMT+8)
[SMM Stainless Steel Flash] Indonesia’s investment minister meets Tsingshan chief on nickel, stainless downstreaming
Indonesian Investment and Downstreaming Minister Rosan Roeslani met Tsingshan Holding chairman Xiang Guangda during a visit to China to discuss deeper downstream processing in Indonesia’s nickel and stainless steel sectors, building on Tsingshan’s Morowali and Weda Bay bases. No specific projects or investment figures were announced.
Oct 27, 2026 09:41 (GMT+8)
Data: SHFE, DCE market movement (Oct 26)
The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 26 Oct , 2026
Oct 26, 2026 15:53 (GMT+8)
[SMM Nickel Flash News] Daily Update — October 26, 2026
In terms of prices, Indonesian nickel ore prices continued to face downward pressure. The latest SMM assessments dated October 26 showed the following average delivered prices (CIF):
- 1.2% Ni limonite: $24.5/wmt
- 1.3% Ni limonite: $26.5/wmt
- 1.4% Ni saprolite: $47.1/wmt
- 1.5% Ni saprolite: $52.5/wmt
- 1.6% Ni saprolite: $57.1/wmt
Indonesia Policy & Market Update — October 26, 2026
Indonesia's nickel ore market remains under pressure as additional 2026 RKAB allocations gradually enter the market. Prices for medium- and high-grade saprolite have weakened more sharply than those for low-grade limonite, reflecting improved supply expectations and cautious purchasing by smelters. Market participants are now focusing on whether newly approved quotas will translate into actual production and shipments in the fourth quarter.
Meanwhile, Indonesia's Ministry of Energy and Mineral Resources (ESDM) has lowered the nickel benchmark mineral price (HMA) for the second half of October to $15,847.67/mt, down $475/mt, or 2.91%, from the first half of the month. The lower benchmark has also reduced the official HPM references for nickel ore. Under the revised October second-half benchmarks, the HPM for 1.2% Ni ore stands at $22.44/wmt, while the corresponding benchmarks for 1.4%, 1.5% and 1.6% Ni ore are $50.05/wmt, $54.48/wmt and $59.12/wmt, respectively. Actual transaction prices may vary depending on ore specifications and contractual terms.
Oct 26, 2026 14:37 (GMT+8)
[SMM Nickel Flash News] Indonesia Nickel Operations Face Mixed Weather Conditions This Week
Weather forecasts for October 26 to November 1 indicate mostly dry and hot conditions in Morowali, Konawe and Pomalaa, while Halmahera faces a higher risk of repeated showers and thunderstorms. Obi Island is expected to remain relatively dry early in the week, with rain and thunderstorms possible later.
Mining, haulage and smelter operations in Morowali, Konawe and Pomalaa are generally expected to continue with limited weather-related disruption. In Halmahera, heavier rainfall and thunderstorms, particularly on Thursday and Friday, could temporarily affect mining logistics and small-boat transfers. Operators should monitor local rainfall, slope stability and marine conditions, as actual impacts will depend on site-specific weather developments.
Oct 26, 2026 13:46 (GMT+8)
[NPI Daily Review] Strong Wait-and-See Sentiment in the Market; Steel Scrap Substitution Further Weighs on Spot Transactions
[SMM Daily Review: Strong Wait-and-See Sentiment in the Market, Steel Scrap Substitution Further Weighs on Spot Cargo Transactions] October 26 news, SMM's upstream sentiment factor for high-grade NPI was 1.74, flat MoM, while the downstream sentiment factor for high-grade NPI was 1.71, also flat MoM.
Oct 26, 2026 12:18 (GMT+8)
[SMM Nickel Midday Review] Nickel prices drifted lower on Oct 26, with strong wait-and-see sentiment ahead of the dual windows of the Fifth Plenum and the US Fed
Oct 26, 2026 11:34 (GMT+8)
Indonesia Critical Minerals Conference & Expo 2027 Returns to Jakarta for Its Fifth Edition
2027 SMM (5th) Indonesia Critical Minerals Conference & Expo June 16–18, 2027 | Jakarta, Indonesia Shanghai Metals Market (SMM) is pleased to announce the fifth edition of the Indonesia Critical Minerals Conference & Expo , which will take place in Jakarta on June 16–18, 2027. Over the past four years, the conference has brought together mining companies, smelters, traders, equipment suppliers, and financial institutions. It has since become an established annual platform for Indonesia’s mining and smelting industry, held every June. Indonesia’s mining sector has also continued to evolve. While nickel remains a key focus, aluminum, copper, tin, coal, and rare earths are attracting increasing attention. At the same time, mine development, smelting and processing, equipment supply, and engineering services are creating new market opportunities. The 2027 edition will address the issues most relevant to companies’ costs, supply, and investment decisions, including mining policy and pricing mechanisms; key metals such as nickel, aluminum, copper, and tin; coal and energy; and mine and smelter operations. From June 16 to 18, 2027, the 2027 SMM (5th) Indonesia Critical Minerals Conference & Expo will be held in Jakarta, Indonesia. The conference is expected to welcome 80+ exhibitors, 120+ speakers, and 1,000+ delegates, with total participants reaching 5,000+. Why Indonesia? Indonesia’s mining industry now extends well beyond nickel. The aluminum, copper, tin, and coal sectors are creating new entry points for companies seeking to enter the market. Doing business in Indonesia requires a clear understanding of the market, the right customers, and access to the right projects. The conference therefore brings together mining companies, smelters, traders, equipment companies, and procurement representatives in one venue. In addition to industry insights, participants have the opportunity to connect directly with buyers and partners. Through the forums, the exhibition, and one-on-one business matchmaking, companies can present their business needs, meet potential buyers on site, and develop concrete cooperation opportunities. ICM 2026 in Numbers The 2026 edition achieved the following results over three days: Source: ICM 2026 post-conference statistics Over three days, ICM 2026 recorded more than 3,800 registrations and featured 150+ speakers , 51 exhibitors , and 25+ sponsors . The conference also facilitated 152 one-on-one supply-demand matches between buyers and sellers. The delegate profile reflected a well-balanced mix of buyers and sellers. Mining and smelting companies accounted for 41.9% of delegates, while equipment, consulting, testing, and logistics service providers made up 46.1% . Traders represented 7.7% , and banks and financial institutions accounted for 4.4% . In terms of geography, Indonesia represented the largest share of attendees at 61.2% , followed by China at 19.8% . The remaining attendees came from Southeast Asia ( 4.7% ), Europe ( 3.6% ), Australia ( 2.9% ), India ( 1.8% ), and North America ( 1.7% ). By position, senior management made up 31.3% of attendees, followed by sales and business development professionals at 20.4% , C-level executives and directors at 18.8% , and government officials at 9.2% . In other words, significant share of attendees hold decision-making roles, giving participants direct access to the people responsible for key business decisions. Who Joined Us in 2026? ICM 2026 brought together speakers and participating companies from across the critical minerals value chain, including: Lineup of previous speakers Lineup of previous buyers The speaker and participant line-up for the 2027 edition will be announced in phases, with the first announcement expected before the end of 2026. https://bit.ly/ICMDelegates Conference Registration (25% off) https://bit.ly/ICMAgenda Conference Agenda ICM 2027 Three Days, One Complete Value Chain DAY 01 | Wednesday, June 16: Policy, Capital, and Pricing Main Forum | Ballroom 1 Opening, Policy Keynotes, and CEO Roundtable (09:00–11:50) 09:00–09:30 Opening 09:30–09:50 Keynote: Overview of Mineral Resource Policy (RKAB, HPM Reform, Export Tax, and Downstream Industry Ministry Planning) 09:50–10:10 Keynote: How does the DSI mechanism work, and how should enterprises adapt? 10:10–10:40 Tea break 10:40–11:00 Keynote: A decade of downstream development in Indonesia: A review of achievements and the next steps 11:00–11:50 Roundtable: CEO Roundtable Discussion: Investment Environment, Regulatory Certainty, and Operational Risks 12:00–13:30 Buffet lunch Rare Earths, SMM Insights, and Pricing Panel (13:30–15:00) 13:30–13:50 Keynote: Indonesian rare earths: resources in tailings, bottlenecks in regulation 13:50–14:10 Roundtable: SMM Research: 2027 Global Critical Metals Game, the Illusion of Excess and the Real Shortage 14:10–15:00 Roundtable: Who really decides commodity prices: exchanges, governments, or buyers? Matchmaking | Exhibition Hall Lounge 15:00–17:00 Supply-demand matching session. A 120-minute exclusive matchmaking session for sponsors, exhibitors, and pre-registered attendees. Evening 18:30–21:00 Premium ICM Dinner DAY 02 | Thursday, June 17: Metals Market and Smelting Energy Main Forum | Ballroom 1 Nickel and Aluminum (09:00–11:50) 09:00–09:20 Keynote: Global nickel supply and demand game: the triple shift of quotas, capacity, and demand 09:20–10:10 Roundtable: The Next Step for Nickel: Who Will Truly Reap the Downstream Dividends? 10:10–10:40 Tea break 10:40–11:00 Keynote: A Panorama of Indonesia’s Aluminum Industry: From Bauxite Dividends to the Practical Challenges of Electrolytic Aluminum 11:00–11:50 Roundtable: Indonesia’s aluminum industry: incremental dividends or oversupply risks? 12:00–13:30 Buffet lunch Tin and Coal (13:30–16:20) 13:30–13:50 Keynote: A Panorama of Indonesia’s Tin Industry: From Mining Area Rectification to the Long Game of Global Pricing 13:50–14:40 Roundtable: Tin: Small metal volume, big influence? Indonesia’s tin export policy and the global electronic supply chain game 14:40–15:10 Tea break 15:10–15:30 Keynote: Coal from two worlds: export markets shrinking, domestic demand markets exploding 15:30–16:20 Roundtable: Coal’s dual identity: the tension between commodity pricing and Indonesia’s industrial energy lifeline Tin Sub-forum | Warhol 1&2 (09:00–11:50) 09:00–09:20 Keynote: Tin Price Outlook 2027–2028: Myanmar’s Wa State, DRC Exports, and Indonesia’s Exports: Where Will the Next Phase of Supply Come From? 09:20–10:10 Roundtable: After the Rectification: Bangka’s Licensed Smelters and JFX Trading Rules: Who Is Really Controlling Indonesian Tin Supply Now? 10:10–10:40 Tea break 10:40–11:00 Keynote: Not just tin: monazite, zircon, and ilmenite in Bangka tailings. Is there a second business in tin sand? 11:00–11:50 Roundtable: Solder, semiconductors, and spot premiums: amid the LME’s sharp fluctuations, how exactly do Indonesian tin sellers and Asian electronics buyers sign contracts and hedge? Aluminum Sub-forum | Warhol 1&2 (13:30–16:20) 13:30–13:50 Keynote: Alumina–Electrolytic Aluminum Price Gap: At current prices, can Indonesia’s refinement account really be balanced? 13:50–14:40 Roundtable: Bauxite quotas meet global aluminum demand: Who is taking the profits? 14:40–15:10 Tea break 15:10–15:30 Keynote: Trade Flows and Tariff Risks: Where Indonesian Aluminum Is Sold Now, and How Long Can This Path Take? 15:30–16:20 Roundtable: LME premiums, regional price differences, and new supply from Indonesia: capacity surge approaches, how will prices move? Mining and Smelting Energy Transition Sub-forum | Hamilton + Drexel (09:00–11:50 and 13:30–15:00) 09:00–09:20 Keynote: Recalculating electricity costs: In today’s Indonesia, what is the real cost of solar-storage microgrids compared to diesel power generation and self-owned coal power? 09:20–10:10 Roundtable: Remote Mines and Diesel Dependence: Where Is the Business Model of Hybrid Microgrids Stuck: Investment, Reliability, or Contracts? 10:10–10:40 Tea break 10:40–11:00 Keynote: Game Rules: Ownership Power Plant Licenses, PLN Grid Transfer, Carbon Pricing: What Does Indonesia’s Regulations Actually Permit? 11:00–11:50 Roundtable: Self-Sustained Coal Power Under Pressure: For IMIP-scale smelters and parks, can gigawatt-level solar storage be added without disrupting the cost structure? 13:30–13:50 Keynote: How to set the ratio: PV-storage ratio, grid-forming inverters, and hybrid system design for 7×24 industrial loads 13:50–14:10 Keynote: Who Pays: Three models for mine and smelter energy projects: PPA, ESCO, and self-holding 14:10–15:00 Roundtable: From pilot to gigawatt: local content, Chinese supply chain, and what will Indonesia’s mines, smelters, and parks be built by 2030? Evening 18:00–21:00 Cocktail Party DAY 03 | Friday, June 18: Mining and Smelting Operations Main Forum | Ballroom 1 Copper, Gold, and Mining Operations (09:00–11:50) 09:00–09:20 Keynote: The Next Decade of Indonesian Copper-Gold Mines: From Open-pit to Underground, How Is the Operating Model Evolving? 09:20–10:10 Roundtable: Indonesian Copper-Gold Mine Project and Technology Roundtable: Processes, Expansions, Automation, and Tailings 10:10–10:40 Tea break 10:40–11:00 Keynote: From Resources to Capacity: What Challenges Are Indonesia’s Mining Operations Facing? 11:00–11:50 Roundtable: Diesel power generation, microgrids, electric mining trucks: What is the key link in electrifying remote mining areas? 12:00–13:30 Buffet lunch Digital and Fleet (13:30–16:20) 13:30–13:50 Keynote: The hidden account of screening efficiency: screen blockage, wear, and downtime costs at Indonesian mines and smelters 13:50–14:40 Roundtable: After digital investment: What exactly have mine and smelting operations improved, and where are the bottlenecks? 14:40–15:10 Tea break 15:10–15:30 Keynote: Major does not mean correct: the real issue of selecting heavy equipment for Indonesian mines 15:30–16:20 Roundtable: Self-built fleets vs. outsourced contracting: How should the real accounting of mining operating costs in Indonesia be calculated? Copper-Gold Sub-forum | Warhol 1&2 (09:00–11:50) 09:00–09:20 Keynote: Copper Price Outlook 2027–2028: AI and Power Grid Demand Matching Mine Supply: Can the Shortage Narrative Hold Up? 09:20–10:10 Roundtable: Processing Fees at Historic Lows and Concentrate Export Ban: Is Indonesia’s New Copper Smelter Profitable, and Who Will Sell Cathode Copper to? 10:10–10:40 Tea break 10:40–11:00 Keynote: High gold prices: Central bank gold purchases, Indonesian gold production, and opportunities for local refining 11:00–11:50 Roundtable: Next copper-gold mine: Elang, Pani, Awak Mas, and the capital account of the Indonesian copper-gold project pipeline Nickel, Batteries, and Stainless Steel Sub-forum | Warhol 1&2 (13:30–16:20) 13:30–13:50 Keynote: Nickel Ore Price Outlook 2027–2028: Can the RKAB Quota Cycle Still Determine the Floor Price? 13:50–14:40 Roundtable: Nickel Price Outlook: The Next Steps for MHP, LME, and Ferronickel Prices 14:40–15:10 Tea break 15:10–15:30 Keynote: The LFP vs. NCM Battle: How Much Nickel Does the Battery Market Still Need and What Price Are They Willing to Offer? 15:30–16:20 Roundtable: Stainless steel, batteries, alloys: Which demand is truly influencing nickel prices now? Coal Sub-forum | Hamilton + Drexel (09:00–11:50 and 13:30–15:00) 09:00–09:20 Keynote: Two Prices per Ton of Coal: How DMO Price Caps Are Reshaping Indonesia’s Coal Economic Balance 09:20–10:10 Roundtable: Newcastle Benchmark Price vs Indonesia Benchmark Price: Is the Price Difference a Coal Quality Issue or a Policy Issue? 10:10–10:40 Tea break 10:40–11:00 Keynote: China’s import demand is changing: What does it mean for Indonesia’s coal demand? 11:00–11:50 Roundtable: 2027–2028 Coal Price Outlook: Structural Downturn or Cyclical Correction? 13:30–13:50 Keynote: The undisclosed cost curve: royalties, surtaxes, stripping ratios, and freight costs: how exactly are the costs of Indonesian coal mines calculated? 13:50–14:10 Keynote: Coal downstreaming: DME, gasification, and coal chemicals: the gap between policy ambition and project reality 14:10–15:00 Roundtable: The Next Decade of Coal: Shrinking Exports, Self-Supplied Electricity Demand for Smelters, and Downstream Projects: Who Is Still Investing in Indonesian Coal, and What Is Investing? The main language of the conference is English. The agenda may be adjusted and is subject to on-site updates. https://bit.ly/ICMDelegates Conference Registration (25% off) https://bit.ly/ICMAgenda Conference Agenda ICM 2027 From 152 Meetings to More Deals in 2027 At ICM 2026, the conference facilitated 152 one-on-one business meetings between buyers and sellers. In 2027, SMM will continue to organise supply-demand matchmaking based on the actual procurement and supply needs of participating companies, helping them connect directly with miners, engineers, and procurement representatives to identify new customers and partners. 2027 supply-demand matching arrangements Time: June 16, 15:00–17:00 Location: Exhibition hall negotiation area Format: Targeted connection between mines, engineers, and procurement Participants: Sponsors, exhibitors, and delegates Buyer’s Pass for Mines and Smelters Decision-makers at Indonesian mines and smelters are eligible for a complimentary Buyer’s Pass, which provides access to the conference and the supply-demand matching session. Eligible roles include COOs, Procurement Directors/Managers, Mine Managers, Plant/Smelter Directors, Chief Geologists, Mining/Technical/Process Managers, HSE leads, and Logistics leads. Applications can be submitted through the official website at https://indonesia-critical-minerals.metal.com/ , where our team will review eligibility. Equipment suppliers, engineering service providers, mineral traders, and materials companies are welcome to participate with their business needs and turn industry connections into concrete partnerships. Attendance, Exhibition, and Sponsorship Super Early Bird: Book before December 31, 2026 and save up to USD 570. Delegate Passes To check eligibility for the complimentary Buyer’s Pass, please visit https://indonesia-critical-minerals.metal.com/ . Exhibition Booths Booth (enjoy a 25% discount on the same price) Booth Pricing Exhibitors can choose from four booth options. Early booking discounts apply: 25% off for bookings made now until December 31, 2026, 15% off for bookings made from January 1 to March 31, 2027, and the list price applies from April 1 to June 16, 2027. The 36 m² raw space is available at USD 22,000 , while the 18 m² raw space is available at USD 13,000 . Both are space-only options, giving exhibitors full flexibility to design and set up their own booth. The 9 m² shell scheme is available at USD 8,000 and comes with a basic booth set-up, including an aluminum modular wall/partition system, a fascia board with the company name and booth number, carpet flooring, two spotlights, one power socket, and one information counter with two chairs. For a more compact presence, the 3 m² table display is available at USD 4,000 . It includes one table and two chairs, power supply, a directory listing, and one delegate pass. All booths include a listing in the Website Exhibitor Zone and a logo in the event brochure. Space-only packages do not include material and booth set-up services. Sponsorship Packages ICM 2026 was supported by 25+ sponsors, including Lead Sponsor MMR; Platinum Sponsors Huayou Cobalt, Antiwear, Neo Energy, MMD, Sungrow, and SAMI; and Gold Sponsors Malvern Panalytical, Envision, and GETI. For 2027, four sponsorship tiers are available: Diamond Keynote + panel seat 36 m² booth + 12 delegate passes Main stage LED, podium, and table cards VVIP lounge + full-page profile Video loop on main stage during breaks Platinum Keynote + panel seat 18 m² booth + 8 delegate passes Hanging banner, photo wall, and backdrop Half-page profile + delegate bag Video loop on main stage during breaks Gold Keynote slot 9 m² booth + 6 delegate passes Backdrop, photo wall, and brochure logo Delegate bag logo Video loop on main stage during breaks Silver Panel seat 9 m² booth + 3 delegate passes Backdrop, photo wall, and brochure logo Website Exhibitor Zone Prices in USD. Secure your place early. Register before December 31, 2026 to save up to USD 570 per delegate pass and up to USD 10,000 on sponsorship packages. Contact Us Delegate, Speaker, Sponsorship, and Exhibition: Vincent Liao | +86 135 0162 4756 | vincentliao@smm.cn Media, Association, and Side Event Inquiries: Horin Dong | +86 187 2131 0824 | horindong@metal.com
Oct 23, 2026 17:00 (GMT+8)
Early Bird Bookings Now Open for 2027 SMM LZE (22nd) Lead & Zinc Conference and Industry Expo in Yunnan next March
Oct 26, 2026 10:37 (GMT+8)
![[SMM Analysis] Indonesian Nickel Output-Cut Talk Gathers Pace, but the Case for Cutting Diverges Across the Supply Chain](https://imgqn.smm.cn/usercenter/vcoVV20251217171732.jpeg)
[SMM Analysis] Indonesian Nickel Output-Cut Talk Gathers Pace, but the Case for Cutting Diverges Across the Supply Chain
Oct 22, 2026 17:12 (GMT+8)
![[SMM Analysis] Indonesia Steel to 2030: Anti-Dumping Reshapes Trade, Import Reliance Eases but Prices Under Pressure](https://imgqn.smm.cn/usercenter/GGaSo20251217171716.jpg)
[SMM Analysis] Indonesia Steel to 2030: Anti-Dumping Reshapes Trade, Import Reliance Eases but Prices Under Pressure
Oct 22, 2026 16:44 (GMT+8)
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Data: SHFE, DCE market movement (Oct 28)
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Oct 27, 2026 09:41 (GMT+8)
Data: SHFE, DCE market movement (Oct 26)
Oct 26, 2026 15:53 (GMT+8)
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Oct 26, 2026 14:37 (GMT+8)
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