【SMM Indonesian Nickel Ore Market Daily Review】
Recently, the mainstream premium on Sulawesi Island in Indonesia 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 defined 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's nickel ore CIF prices.
Supply and demand side, the rainy season in the main mining area of Sulawesi Island has not yet ended this year, with the prolonged rainy season exerting some pressure on mine shipments, while downstream smelters still have rigid demand, maintaining a relatively tight supply of nickel ore.
SMM expects nickel ore to see a slight rise this week.
