【SMM Nickel Flash News】 Indonesia to Launch New Nickel HPM Formula April 15: CF for 1.6% Ore Surges to 30%

Published: Apr 13, 2026 14:56

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Effective April 15, 2026, Indonesia’s ESDM will implement a revised Nickel Ore HPM formula. The Correction Factor (CF) for 1.6% grade ore rises to 30%, decreasing by 1% for every 0.1% drop in nickel grade. Byproducts are now explicitly valued: Cobalt and Iron carry a 30% CF, while Chromium is 10%. Crucially, cobalt will only be factored into the pricing if its content is >= 0.05%, and iron content must be <= 35% to be included in the calculation.

HPM Nickel Ore = 【(HMA Nickel * %Ni * CF Nickel Ore) + (HMA Cobalt * %Co * CF Cobalt ) + (HMA Iron Ore * %Fe *CF Iron * 100) + (HMA Chrome Ore * %Cr * CF Chrome * 100)】*（1-MC)

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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