On March 15, Indonesia's ESDM announced the reference prices (HMA) for metallic minerals for the second period of March 2025. The HMA price for nickel was determined as "the average of LME spot settlement prices from the 19th of the previous month to the 9th of the current month during the HPM cycle," with a value of $15,534.62/mt, up $258/mt from the first period of March HMA, representing an increase of 1.69% MoM. SMM estimated that the benchmark prices (HPM) for ore in the Indonesian market in the second half of March would be as follows: - Ni 1.2% grade nickel ore HPM price: $15.75/wmt, up $0.27/wmt from the first period of March HPM; - Ni 1.6% grade nickel ore HPM price: $27.47/wmt, up $0.46/wmt from the first period of March HPM; - Ni 1.7% grade nickel ore HPM price: $30.90/wmt, up $0.51/wmt from the first period of March HPM; - Ni 1.8% grade nickel ore HPM price: $34.53/wmt, up $0.57/wmt from the first period of March HPM; - Ni 1.9% grade nickel ore HPM price: $38.37/wmt, up $0.64/wmt from the first period of March HPM; - Ni 2.0% grade nickel ore HPM price: $42.41/wmt, up $0.71/wmt from the first period of March HPM. The HMA and HPM prices for the second half of March took effect on March 15 and will remain valid until the end of the month.