[SMM Analysis] Nickel Sulphate Production Increased by 7% MoM in November

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 26 Oct , 2026

In terms of prices, Indonesian nickel ore prices continued to face downward pressure. The latest SMM assessments dated October 26 showed the following average delivered prices (CIF): - 1.2% Ni limonite: $24.5/wmt - 1.3% Ni limonite: $26.5/wmt - 1.4% Ni saprolite: $47.1/wmt - 1.5% Ni saprolite: $52.5/wmt - 1.6% Ni saprolite: $57.1/wmt Indonesia Policy & Market Update — October 26, 2026 Indonesia's nickel ore market remains under pressure as additional 2026 RKAB allocations gradually enter the market. Prices for medium- and high-grade saprolite have weakened more sharply than those for low-grade limonite, reflecting improved supply expectations and cautious purchasing by smelters. Market participants are now focusing on whether newly approved quotas will translate into actual production and shipments in the fourth quarter. Meanwhile, Indonesia's Ministry of Energy and Mineral Resources (ESDM) has lowered the nickel benchmark mineral price (HMA) for the second half of October to $15,847.67/mt, down $475/mt, or 2.91%, from the first half of the month. The lower benchmark has also reduced the official HPM references for nickel ore. Under the revised October second-half benchmarks, the HPM for 1.2% Ni ore stands at $22.44/wmt, while the corresponding benchmarks for 1.4%, 1.5% and 1.6% Ni ore are $50.05/wmt, $54.48/wmt and $59.12/wmt, respectively. Actual transaction prices may vary depending on ore specifications and contractual terms.

Weather forecasts for October 26 to November 1 indicate mostly dry and hot conditions in Morowali, Konawe and Pomalaa, while Halmahera faces a higher risk of repeated showers and thunderstorms. Obi Island is expected to remain relatively dry early in the week, with rain and thunderstorms possible later. Mining, haulage and smelter operations in Morowali, Konawe and Pomalaa are generally expected to continue with limited weather-related disruption. In Halmahera, heavier rainfall and thunderstorms, particularly on Thursday and Friday, could temporarily affect mining logistics and small-boat transfers. Operators should monitor local rainfall, slope stability and marine conditions, as actual impacts will depend on site-specific weather developments.