SMM forecasts that the HPM of Indonesia's local ore on the second half of October will slightly increase with an estimated growth of 0.27%. The HMA for the first half of October is expected to be USD 15,142/dmt, increase by USD 40/dmt.

SMM forecasts that the benchmark HPM for Indonesia's local ore (MC35%) in the second half of October will be as follows：
- HPM for nickel ore with Ni 1.2% grade: USD 15.35/wmt, increase USD 0.04/wmt compared to the first half of October;
- HPM for nickel ore with Ni 1.6% grade: USD 26.77/wmt, increase USD 0.07/wmt compared to the first half of October;
- HPM for nickel ore with Ni 1.7% grade: USD 30.12/wmt, increase USD 0.08/wmt compared to the first half of October;
- HPM for nickel ore with Ni 1.8% grade: USD 33.66/wmt, increase USD 0.09/wmt compared to the first half of October;
- HPM for nickel ore with Ni 2.0% grade: USD 41.34/wmt, increase USD 0.11/wmt compared to the first half of October.

Overall, the HPM prices for second period of October slightly increased. From nickel ore market perspective, as the new RKAB regulations has been released, along with the start of the submission process, smelter ore purchases have risen in recent weeks amid expectations of reduced imports from the Philippines due to the approaching rainy season. Indonesian nickel ore price continues to face upward potential.