Indonesia's Local Ore Benchmark Prices Forecast to Decline Slightly in Early June

Published: May 26, 2025 10:49

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[Benchmark Price of Indonesia's Local Ore]
SMM forecasts that the HPM of Indonesia's local ore will rise in the first half of June will remain stable with a slight decline, with an estimated decrease of 0.06%. The HMA for the first half of June is expected to be USD 15,405/ton, down by USD 10/ton.

SMM forecasts that the benchmark HPM for Indonesia's local ore (MC35%) in the first half of June will be as follows：
- HPM for nickel ore with Ni 1.2% grade: USD 15.62/wet ton, down USD 0.01/wet ton compared to the second half of May;
- HPM for nickel ore with Ni 1.6% grade: USD 27.24/wet ton, down USD 0.02/wet ton compared to the second half of May;
- HPM for nickel ore with Ni 1.7% grade: USD 30.64/wet ton, down USD 0.02/wet ton compared to the second half of May;
- HPM for nickel ore with Ni 1.8% grade: USD 34.25/wet ton, down USD 0.02/wet ton compared to the second half of May;
- HPM for nickel ore with Ni 2.0% grade: USD 42.06/wet ton, down USD 0.03/wet ton compared to the second half of May.

Overall, the HPM prices for this period remain stable. Despite supply-side disruptions such as the continued rainy season and market concerns over the approval progress of RKAB, weak downstream prices have weighed on the market. Looking ahead, SMM expects it will be difficult for premiums to rise in June and they are likely to remain stable at May levels. The market is closely watching the next round of transactions

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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