[Indonesia's Local Ore Benchmark Price] If the HPM calculation method announced on March 1 continues to be applied in the first half of April, the HMA for the first half of April is expected to increase by $592/mt MoM from the previous period (the second half of March), up 3.8% MoM.
SMM expects that the benchmark price (HPM) for Indonesia's local ore in the first half of April may be:
Ni1.2% grade ore HPM price at $16.35/wmt, up $0.60/wmt from the first HPM in March;
Ni1.6% grade ore HPM price at $28.51/wmt, up $1.05/wmt from the first HPM in March;
Ni1.7% grade ore HPM price at $32.08/wmt, up $1.18/wmt from the first HPM in March;
Ni1.8% grade ore HPM price at $35.85/wmt, up $1.32/wmt from the first HPM in March;
Ni1.9% grade ore HPM price at $39.83/wmt, up $1.46/wmt from the first HPM in March;
Ni2.0% grade ore HPM price at $44.02/wmt, up $1.62/wmt from the first HPM in March.
The HMA and HPM prices for the first half of April will be officially announced and implemented by ESDM in April.
In addition, due to the tight supply structure of domestic ore and the expected cost increase brought by the implementation of the PNBP policy, SMM expects that the premium for Indonesia's local ore may also rise in April.
