[Benchmark Price of Indonesia's Local Ore] SMM forecasts that the HPM of Indonesia's local ore will rise in the second half of May, with an expected increase of 2.43% MoM. The HMA in the second half of May will be $15,415/mt, up $366/mt. SMM forecasts that the benchmark HPM for Indonesia's local ore (MC35%) in the second half of May will be as follows: - The HPM for nickel ore with a grade of Ni1.2% is $15.63/wmt, up $0.37/wmt from the HPM in the first half of May; - The HPM for nickel ore with a grade of Ni1.6% is $27.25/wmt, up $0.65/wmt from the HPM in the first half of May; - The HPM for nickel ore with a grade of Ni1.7% is $30.66/wmt, up $0.73/wmt from the HPM in the first half of May; - The HPM for nickel ore with a grade of Ni1.8% is $34.27/wmt, up $0.81/wmt from the HPM in the first half of May; - The HPM for nickel ore with a grade of Ni1.9% is $38.08/wmt, up $0.9/wmt from the HPM in the first half of May; - The HPM for nickel ore with a grade of Ni2.0% is $42.08/wmt, up $1/wmt from the HPM in the first half of May. In May, the mainstream premium for Indonesia's local pyrometallurgical ore ranged from $26 to $28/wmt, up approximately $2/wmt from the mainstream premium in April, while the prices for hydrometallurgical ore slightly decreased during the month. SMM forecasts that, influenced by the decline in downstream NPI (Nickel Pig Iron) prices, the premium for pyrometallurgical ore may loosen somewhat in June, but a significant drop is unlikely.