According to the SMM survey, Indonesia's ESDM (Ministry of Energy and Mineral Resources) issued two decrees numbered 80.K/MB.01/MEM.B/2025 and 72.K/MB.01/MM.B/2025. Decree No. 80.K/MB.01/MEM.B/2025 announced a new calculation method for HMA prices of metallic minerals, while Decree No. 72.K/MB.01/MM.B/2025 clarified the HPM price calculation for eight nickel-related products, including nickel ore, NPI, and mixed hydroxide precipitate (MHP).
Starting from March 1, 2025, the above two policies will be officially implemented.
Among them, the reference price of metallic nickel for the first issue in March 2025 was announced as $15,276.33/mt. The calculation method for the HMA price is: "HMA is the spot settlement price published by the exchange, taking the average value from the 5th to the 25th of the month prior to the HPM cycle." The benchmark price calculation formula for nickel ore is: HPM Nickel Ore = Ni% * CF * HMA Nickel.
Among these, the HPM price for Ni 1.2% grade nickel ore was $15.49/wmt;
for Ni 1.6% grade nickel ore, $27.01/wmt;
for Ni 1.7% grade nickel ore, $30.38/wmt;
for Ni 1.8% grade nickel ore, $33.96/wmt;
for Ni 1.9% grade nickel ore, $37.73/wmt;
for Ni 2.0% grade nickel ore, $41.70/wmt.
In addition, according to SMM, the prices announced this time are the "First Period of March" HMA price and HPM price, applicable to the first half of March. The Indonesian government may announce the "Second Period of March" HMA price and HPM price in the second half of March.
