Indonesian MHP Nickel and High-Grade Nickel Matte Prices Drop, Cobalt Remains Unchanged

[SMM Daily Comment: Tight Supply Supported Prices, Weak Demand Formed Resistance] On May 15, the SMM high-grade NPI upstream sentiment index was 3.34, down 0.03 MoM, and the high-grade NPI downstream sentiment index was 2.3, down 0.03 MoM.

The Indonesian ESDM has officially published the Mineral Reference Price (HMA) for the 2nd half of May 2026. The benchmark price for nickel has been set at $18,849.30/dmt, marking a significant increase of $1,047.16/dmt, or 5.88%, compared to the $17,802.14/dmt in the 1st period of May. Additional reference prices for May’s 2nd period include cobalt at $55,854.00/dmt, iron ore at $1.58/dmt, and chrome ore at $6.37/dmt. Based on SMM’s internal valuation models, simulation analyses were conducted for both saprolite ore (comprising 20% Fe, 1% Cr, and 0.05% Co) and limonite ore (comprising 45% Fe, 2% Cr, and 0.10% Co). • Ni 1.2%:USD 49.95/wmt (↑ $2.12) • Ni 1.3%:USD 54.72/wmt (↑ $2.39) • Ni 1.4%:USD 60.05/wmt (↑ $2.75) • Ni 1.5%:USD 65.32/wmt (↑ $3.04) • Ni 1.6%:USD 70.83/wmt (↑ $3.35)

Supply Contraction Expectations Persisted, MHP and High-Grade Nickel Matte Payable Indicators Fluctuated at Highs This Week