【Indonesia's Local Ore Benchmark Price】SMM expects the HPM of Indonesia's local ore to drop in the first half of May, with an estimated decline of 3.16% MoM. The HMA for the first half of May was $15,049.23/mt, down $490.46/mt. SMM expects the benchmark price (HPM) of Indonesia's local ore (MC35%) for the first half of May to be as follows: - The HPM price for Ni1.2% grade nickel ore was $15.26/wmt, down $0.5/wmt MoM from the second half of April; - The HPM price for Ni1.6% grade nickel ore was $26.61/wmt, down $0.87/wmt MoM from the second half of April; - The HPM price for Ni1.7% grade nickel ore was $29.93/wmt, down $0.98/wmt MoM from the second half of April; - The HPM price for Ni1.8% grade nickel ore was $33.45/wmt, down $1.09/wmt MoM from the second half of April; - The HPM price for Ni1.9% grade nickel ore was $37.17/wmt, down $1.21/wmt MoM from the second half of April; - The HPM price for Ni2.0% grade nickel ore was $41.08/wmt, down $1.34/wmt MoM from the second half of April. Although the HPM price dropped slightly, the tight supply and demand situation continues. Additionally, with the PNBP policy taking effect on April 26, the premium for pyrometallurgical ore may rise again to above $26. SMM expects that the absolute price of Indonesia's local ore in the subsequent period of May is more likely to rise than fall.