Data: China's nickel import, export in Dec 2017

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.

Indonesia’s Ministry of Energy and Mineral Resources (ESDM) recently further revised the benchmark price (HPM) formula for nickel ore, under Kepmen ESDM No.363.K/MB.01/MEM.B/2026 which took effect on September 15, 2026. This revision specifically targets the two parameters that have had the greatest impact on the pricing of low-grade limonite used as feedstock for HPAL — the nickel correction factor (CF) for the 1.2% nickel grade range and the cobalt coefficient

According to SMM data, on September 16, the SMM average price of battery-grade nickel sulphate fell by 200 yuan/mt from the previous day.