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The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 04 Mar , 2026

On March 4, the SMM battery-grade nickel sulphate average price edged down slightly from the previous day.

[SMM Daily Review: Firm Costs Support NPI Prices; Stainless Steel Under Pressure Limits Upside Room] March 4 — SMM’s upstream sentiment factor for high-grade NPI was 2.86, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.29, up 0.01 MoM.

Tri Winarno, the Director General of Minerals and Coal (Dirjen Minerba) at the Ministry of Energy and Mineral Resources (ESDM), stated on March 3, 2026, that nickel mining companies are permitted to revise their Production Quotas (RKAB) for 2026. Responding to APNI's claim that a potential 30% increase could occur via July revisions, Tri emphasized that while revisions are allowed under existing regulations, the specific percentage granted will depend on individual company needs and evaluations. These revisions are scheduled to take place in the second half of 2026 (H2 2026), consistent with standard regulatory cycles rather than a specific emergency measure following the recent quota cuts to 260–270 million tons.

As of now, the FOB price of Indonesian MHP nickel was $15,549/mt Ni, and the FOB price of Indonesian MHP cobalt was $49,819/mt Co. MHP payables (against the SMM battery-grade nickel sulphate index) were 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) was 91. The FOB price of Indonesian high-grade nickel matte was $15,910/mt Ni.

The Indonesian Nickel Miners Association (APNI) and the Philippine Nickel Industry Association (PNIA) have officially signed a Memorandum of Understanding (MOU) to establish the "IndoPhil Nickel Corridor," a strategic platform between the world's two largest nickel producers. Signed in Manila on February 12, 2026, the agreement focuses on five key pillars: data and policy governance, industry dialogue, cross-country learning, ESG-based capacity building, and adaptive cooperation mechanisms. This collaboration aims to strengthen the regional nickel supply chain from upstream to downstream while aligning with ASEAN’s sustainable mineral development principles to support the global green energy transition.

On March 2, Zheng Shanjie, head of the National Development and Reform Commission (NDRC), presided over a symposium with private enterprises, soliciting opinions and suggestions on expanding domestic demand, stabilizing investment, and achieving a good start for economic development during the 15th Five-Year Plan period.

Iran claimed that the Strait of Hormuz had been closed and would strike all vessels attempting to pass through.

So far, the FOB price of Indonesian MHP nickel is $15,654/mt Ni, and the FOB price of Indonesian MHP cobalt is $49,740/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 86-87, and the payable indicator for MHP cobalt element (against SMM refined cobalt (Rotterdam warehouse)) is 91. The FOB price of Indonesian high-grade nickel matte is $16,017/mt Ni.

Indonesia's state power company (PLN) Maluku and North Maluku branch officially revised the power purchase agreement with Weda Bay Industrial Park (IWIP) on March 2, 2026, increasing the purchased excess power from 8.5 MW to 11 MW. PLN General Manager Noer Soeratmoko stated that the additional 2.5 MW capacity aims to address the growing electricity demand of residents and small enterprises in the central Halmahera region, ensuring the stability of the central Halmahera power grid during peak periods. IWIP President He Xiaoqing (Kevin He) noted that this collaboration is a significant step for the industrial park in supporting local energy supply, and by enhancing cooperation with PLN, it can rapidly improve regional power security without the need to construct new power plants.

PT PLN (Persero) has officially amended its Power Purchase Agreement (PJBTL) with PT Indonesia Weda Bay Industrial Park (IWIP), increasing the utilization of excess power from 8.5 MW to 11 MW as of March 2, 2026. General Manager Noer Soeratmoko stated that this 2.5 MW increase is a strategic move to secure power reserves for the Weda system amid rising demand from households and local businesses in Central Halmahera. IWIP President Director Kevin He emphasized that this collaboration ensures high-quality power distribution for the community, providing an immediate energy solution without the need for new power plant construction.