Jiangsu Delong Nickel Puts Online NPI Project in Indonesia

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 16 Sep , 2026

Indonesia's Ministry of Energy and Mineral Resources (ESDM) has officially released the Nickel Mineral Reference Price (HMA) for the second half of September 2026. The nickel HMA for the second half of September was set at USD 16,698.00/mt, down USD 35.33/mt, or 0.21%, from USD 16,733.33/mt in the first half of September. The cobalt HMA was USD 52,704.33/mt, while the iron ore HMA was USD 1.47/mt and the chrome ore HMA was USD 6.37/mt. Following the revised nickel ore HPM formula under Kepmen ESDM No.363.K/MB.01/MEM.B/2026, which took effect on September 15, 2026, the nickel ore HPMs are as follows: · Ni 1.2%: $24.89/wmt, down $20.77/wmt, based on the new HPM formula for Ni 1.2% grade and below. · Ni 1.3%: $49.20/wmt, down $0.69/wmt. · Ni 1.4%: $53.83/wmt, down $0.24/wmt. · Ni 1.5%: $58.50/wmt, down $0.25/wmt. · Ni 1.6%: $63.38/wmt, down $0.26/wmt.

Indonesia’s Ministry of Energy and Mineral Resources (ESDM) has issued Kepmen ESDM No.363.K/MB.01/MEM.B/2026, effective September 15, revising the nickel ore HPM formula introduced under Kepmen No.144.K/MB.01/MEM.B/2026. The latest revision mainly lowers the nickel correction factor (CF) and cobalt coefficient for low-grade limonite. For 1.2% Ni ore, the revised HPM is $24.89/wmt, down $20.08/wmt, or 45%, from $44.97/wmt under the previous formula. The revised HPM is also below SMM’s current delivered price of $27/wmt. At a 14% royalty rate, the royalty based on the revised HPM is approximately $3.48/wmt, compared with $3.78/wmt based on the actual transaction price. The adjustment is expected to narrow the gap between HPM and market prices and reduce the tax burden on low-grade limonite miners. The impact on HPAL plants’ actual raw material costs is expected to be limited, as market prices have already remained below the previous HPM.