China Nickel Ore Inventories Keep Falling, SMM Reports

The Indonesian Ministry of Energy and Mineral Resources (ESDM) has officially released the Nickel Mineral Reference Price (HMA) for the first half of October 2026. The HMA for the first half of October is as follows: the nickel price is USD 16,322.67 per ton (compared to the second half of September 2026, USD 16,698.00/ton), a decrease of USD 375.33 equivalent 2.25%; the HMA of cobalt is USD 41,047.33 per ton; the HMA of iron ore is USD 1.45 /ton; and the HMA of chrome ore price is 6.37 USD/ton. · Ni 1.2%: USD 23.19 /wmt【↓ $1.70】 · Ni 1.3%: USD 46.07/wmt 【↓ $3.13】 · Ni 1.4%: USD 51.66/wmt 【↓ $2.17】 · Ni 1.5%: USD 56.22/wmt 【↓ $2.28】 · Ni 1.6%: USD 61.00/wmt 【↓ $2.39】

On October 1, Indonesia's nickel ore market weakened, with mainstream prices declining from the previous trading day: 1.2% Ni: $25.5/wmt, down $1.0; 1.3% Ni: $27.5/wmt, down $1.0; 1.4% Ni: $48.7/wmt, down $3.1; 1.5% Ni: $54.3/wmt, down $4.2; 1.6% Ni: $59.1/wmt, down $4.3. Mainstream nickel ore prices in Indonesia fell across all major grades, with saprolite prices seeing the sharpest declines. Market trading activity remained relatively stable.

Indonesia's nickel pig iron (NPI) has lost access to the European market as the EU's Carbon Border Adjustment Mechanism (CBAM) enters its definitive phase in 2026, according to Eramet. Indonesian NPI production relies heavily on coal-fired captive power, resulting in relatively high carbon emissions and weakening its competitiveness in Europe as carbon costs rise. Eramet noted that tightening European carbon rules are widening the cost disadvantage for high-carbon materials, making carbon intensity an increasingly important factor for nickel and stainless steel raw materials. Indonesia's NPI exporters may therefore face greater pressure to redirect sales to other markets or reduce emissions through cleaner energy sources.