Indonesia Updates Nickel Ore HPM Coefficient, Expected to Raise Prices and NPI Costs

Published: Apr 13, 2026 19:02

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[SMM Nickel Flash] April 13 — According to SMM, Indonesia has officially released the new nickel ore HPM coefficient. Based on the benchmark price as of April 1, the HPM price for 1.5% nickel ore is expected to see a notable raise. Under the old formula, the nickel ore HPM price was $26.66/wmt, while under the new formula, it is $48.42/wmt. Assuming the tax costs arising from the HPM price increase are fully passed through to downstream sectors, the absolute price of nickel ore is expected to rise to approximately $71.25/wmt after the new policy takes effect. The current SMM 1.5% nickel ore CIF price is $68.20/wmt. Based on this calculation, the adjustment is expected to push NPI full costs up by approximately 2.55% from current levels, providing further upward support for NPI prices.

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