[Benchmark Price of Indonesia's Local Ore] SMM forecasts that the HPM of Indonesia's local ore on the first half of July will experience a slight decline, with an estimated decrease of 1.83%. The HMA for the first half of July is expected to be USD 14,943/dmt, down by USD 278/dmt. SMM forecasts that the benchmark HPM for Indonesia's local ore (MC35%) in the first half of July will be as follows： - HPM for nickel ore with Ni 1.2% grade: USD 15.15/wmt, down USD 0.28/wmt compared to the second half of June; - HPM for nickel ore with Ni 1.6% grade: USD 26.42/wmt, down USD 0.49/wmt compared to the second half of June; - HPM for nickel ore with Ni 1.7% grade: USD 29.72/wmt, down USD 0.55/wmt compared to the second half of June; - HPM for nickel ore with Ni 1.8% grade: USD 33.22/wmt, down USD 0.62/wmt compared to the second half of June; - HPM for nickel ore with Ni 2.0% grade: USD 40.79/wmt, down USD 0.76/wmt compared to the second half of June. Overall, the HPM prices for first period of July experienced a slight decline. Although supply is relatively tight due to rainy season, upcoming approval progress of RKAB and weak downstream prices have pressured the market situation. SMM forecasts that increase in premium will remain unlikely, with possible decrease of premium in the future. The market are currently monitoring the upcoming transactions