Spot price of nickel chloride on 17 April 2020

[SMM Daily Review: Arbitrage Selling Decreases, High-Grade NPI Offers Gradually Return to Rationality] February 4 (SMM) - The average price of SMM 10-12% high-grade NPI was 1,030 yuan/mtu (ex-factory, tax included), down 2.5 yuan/mtu MoM from the previous working day.

According to Suara Sultra News, Garda Muda Anoa Sultra (GMA Sultra) has formally urged the Indonesian Minister of Energy and Mineral Resources to freeze the 2026 RKAB approval for PT Gerbang Multi Sejahtera (PT GMS) due to allegations of illegal nickel ore sales in 2022 using "flying documents" from PT Wijaya Inti Nusantara (PT WIN). Executive Director Muhammad Ikbal Laribae characterized the suspected practice as a serious mining crime that causes state losses, calling for an immediate audit by the Directorate General of Minerals and Coal and warning of potential mass protests and reports to the KPK (Anti-Corruption Commission) if the government fails to take firm action against such illicit mining activities.

According to SMM, Indonesian Investment Minister Rosan Perkasa Roeslani revealed during a hearing with House Commission XII that a major stainless steel smelter in Indonesia, which has been commercially operational since 2017, has failed to submit its mandatory LKPM (Investment Activity Report) for 8 consecutive years. Implications: The LKPM is a legally required quarterly report covering investment realization, labor, production data, and partnerships. Due to this non-compliance, the Indonesian government admits it lacks official data on the smelter's actual investment realization, forcing regulators to rely solely on "incidental supervision" to gather information.