[Benchmark Price of Indonesia's Local Ore]

Published: Oct 10, 2025 12:51

Save

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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

7 hours ago

High-Grade NPI Smelter Profits Squeezed as Ore Prices Rise and Sales Prices Dip

[SMM Nickel Flash] Based on nickel ore prices from 25 days ago, smelter profits for high-grade NPI remained high this week. However, from the current raw material side, ore prices from both the Philippines and Indonesia increased, while auxiliary material prices saw a slight pullback, leading to an increase in the cash cost of producing high-grade NPI from spot ore. At the same time, high-grade NPI prices experienced some pullback, making it difficult for smelter profits to see sustained improvement.

7 hours ago

High-Grade NPI Prices Fall, Expected to Stabilize as Chinese New Year Approaches

[SMM Nickel Flash] This week, due to a sharp decline in futures triggering arbitrage selling, high-grade NPI prices fell significantly. However, after the selling activity subsided, upstream quotations and the market center gradually returned to normal levels, supported by cost factors. Looking ahead, as the Chinese New Year holiday approaches, market activity is expected to remain subdued, and high-grade NPI prices are projected to hover at highs with limited fluctuations.

7 hours ago

Nickel Prices Drop: SMM 10-12% High-Grade NPI Down 17.2 Yuan, Indonesia NPI FOB Index Falls 2.06 $/mtu

[SMM Nickel Flash] The SMM average price of 10-12% high-grade NPI fell 17.2 yuan/mtu WoW to 1,035.8 yuan/mtu (ex-factory, tax included), while the Indonesia NPI FOB index average price dropped 2.06 $/mtu WoW to 131.2 $/mtu. At the beginning of the week, futures hit limit-down, and nickel prices fell sharply WoW, driving the emergence of arbitrage supplies sold at low prices, leading to a significant decline in high-grade NPI prices.

7 hours ago