[Benchmark Price of Indonesia's Local Ore] SMM forecasts that the HPM of Indonesia's local ore on the second half of July will remain stable with a slight decline, with an estimated decrease of 0.11%. The HMA for the second half of July is expected to be USD 14,926/dmt, down by USD 17/dmt. SMM forecasts that the benchmark HPM for Indonesia's local ore (MC35%) in the second half of July will be as follows： - HPM for nickel ore with Ni 1.2% grade: USD 15.13/wmt, down USD 0.02/wmt compared to the first half of July; - HPM for nickel ore with Ni 1.6% grade: USD 26.39/wmt, down USD 0.03/wmt compared to the first half of July; - HPM for nickel ore with Ni 1.7% grade: USD 29.69/wmt, down USD 0.03/wmt compared to the first half of July; - HPM for nickel ore with Ni 1.8% grade: USD 33.18/wmt, down USD 0.04/wmt compared to the first half of July; - HPM for nickel ore with Ni 2.0% grade: USD 40.75/wmt, down USD 0.05/wmt compared to the first half of July. Overall, the HPM prices for second period of July is relatively stable compared to the first period of July. Upcoming approval of RKAB quota are to be seen in this month, which might ease the supply situation. SMM forecasts that there is possible room for premium decline due to market pressure from weakening downstream prices. The market are currently monitoring the upcoming transactions.