[Benchmark Price of Indonesia's Local Ore] SMM forecasts that the HPM of Indonesia's local ore on the second half of June will experience a slight decline, with an estimated decrease of 1.19%. The HMA for the second half of June is expected to be USD 15,221/ton, down by USD 184/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 15.43/wet ton, down USD 0.19/wet ton compared to the first half of June; - HPM for nickel ore with Ni 1.6% grade: USD 26.91/wet ton, down USD 0.33/wet ton compared to the first half of June; - HPM for nickel ore with Ni 1.7% grade: USD 30.27/wet ton, down USD 0.37/wet ton compared to the first half of June; - HPM for nickel ore with Ni 1.8% grade: USD 33.84/wet ton, down USD 0.41/wet ton compared to the first half of June; - HPM for nickel ore with Ni 2.0% grade: USD 41.55/wet ton, down USD 0.50/wet ton compared to the first half of June. Overall, the HPM prices for second period of June experienced a slight decline. Despite supply-side disruptions such as the continued rainy season and market concerns over the approval progress of RKAB, weak downstream prices have pressured the market situation. Looking ahead, SMM expects it will be slightly unlikely for premiums to rise in remaining period of June and more likely to remain stable at May levels. The market are currently monitoring the market transactions