[Benchmark Price of Indonesia's Local Ore]
SMM forecasts that the HPM of Indonesia's local ore on the first half of September will experience a slight decline, falling to 14900 price point, with an estimated decrease of 0.75%. The HMA for the first half of September is expected to be USD 14,900/dmt, down by USD 113/dmt.

SMM forecasts that the benchmark HPM for Indonesia's local nickel ore (MC35%) in the first half of September will be as follows：
- HPM for nickel ore with Ni 1.2% grade: USD 15.11/wmt, down USD 0.11/wmt compared to the second half of August;
- HPM for nickel ore with Ni 1.6% grade: USD 26.34/wmt, down USD 0.20/wmt compared to the second half of August;
- HPM for nickel ore with Ni 1.7% grade: USD 29.64/wmt, down USD 0.22/wmt compared to the second half of August;
- HPM for nickel ore with Ni 1.8% grade: USD 33.12/wmt, down USD 0.25/wmt compared to the second half of August;
- HPM for nickel ore with Ni 2.0% grade: USD 40.68/wmt, down USD 0.31/wmt compared to the second half of August.

Overall, the HPM prices for first period of September is decreasing compared to the previous period. In terms of nickel ore, the price volatility are not significant in this week, with next month's premium currently on discussion. Looking ahead, the issuance of RKAB permits is now nearing completion, which will potentially limit the increase of nickel ore prices. SMM will continue to monitor market transactions.