SMM Indonesia Nickel Ore Market Review: Sulawesi Premium Stable, HMA Price Up, Tight Supply Outlook

Published: Mar 18, 2025 14:37

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[SMM Indonesia Nickel Ore Market Daily Review]

Recently, the mainstream premium on Sulawesi Island remained at $19-20. This week, Indonesia's ESDM announced the second phase of the March 2025 reference price for metallic minerals (HMA), with the nickel HMA price calculated as "the average of LME spot settlement prices from the 19th of the month prior to the HPM cycle to the 9th of the current month," set at $15,534.62/mt, up $258/mt from the first phase of March HMA, an increase of 1.69% MoM, which may lead to a slight rise in Indonesia nickel ore CIF prices.

Supply and demand side, this year, the rainy season in the main mining area of Sulawesi Island has not yet ended, with the prolonged rainy season exerting certain pressure on mine shipments, while downstream smelters still maintain rigid demand, keeping the nickel ore supply relatively tight.

SMM expects nickel ore prices to rise slightly this week.

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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