[SMM Nickel Market Flash] Nickel Industries Says New HPM Lifts Limonite Price, but HPAL Producers Have Not Adopted It

Published: Apr 29, 2026 17:19

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According to Nickel Industries’ Q1 2026 conference call, Indonesia’s revised HPM pricing regime, announced on April 15, has raised benchmark pricing for limonite ore. The company said, however, that HPAL producers in Indonesia have not yet adopted the new limonite pricing in actual purchases, meaning the additional burden is still largely being absorbed by miners. Management also noted that the new HPM has had limited impact on saprolite pricing, as market prices were already above the previous benchmark.

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