SMM forecasts that the HPM of Indonesia's local ore on the second half of September will slightly increase with an estimated growth of 0.68%. The HMA for the first half of September is expected to be USD 15,000/dmt, down by USD 100/dmt.

SMM forecasts that the benchmark HPM for Indonesia's local ore (MC35%) in the second half of September will be as follows：
- HPM for nickel ore with Ni 1.2% grade: USD 15.21/wmt, increase USD 0.10/wmt compared to the first half of September;
- HPM for nickel ore with Ni 1.6% grade: USD 26.52/wmt, increase USD 0.18/wmt compared to the first half of September;
- HPM for nickel ore with Ni 1.7% grade: USD 29.84/wmt, increase USD 0.20/wmt compared to the first half of September;
- HPM for nickel ore with Ni 1.8% grade: USD 33.35/wmt, increase USD 0.22/wmt compared to the first half of September;
- HPM for nickel ore with Ni 2.0% grade: USD 40.95/wmt, increase USD 0.27/wmt compared to the first half of September.

Overall, the HPM prices for second period of September slightly increased compared to the first period of September. Moving towards the end of the third quarter, most parts of Sulawesi has moved to dry season, with some parts of Halmahera has better season than previous weeks although some light rain occurred. Looking forward, the supply of ore is expected to grow and with the NPI prices keep escalating, there is a new potential indication that price of ore will go up in the following months.