【SMM Flash News】Indonesia's HMA Nickel Increased in Second Period of May, Finally Breaks $18,000 Threshold

The Indonesian ESDM has officially published the Mineral Reference Price (HMA) for the 2nd half of May 2026. The benchmark price for nickel has been set at $18,849.30/dmt, marking a significant increase of $1,047.16/dmt, or 5.88%, compared to the $17,802.14/dmt in the 1st period of May.

Additional reference prices for May’s 2nd period include cobalt at $55,854.00/dmt, iron ore at $1.58/dmt, and chrome ore at $6.37/dmt.

Based on SMM’s internal valuation models, simulation analyses were conducted for both saprolite ore (comprising 20% Fe, 1% Cr, and 0.05% Co) and limonite ore (comprising 45% Fe, 2% Cr, and 0.10% Co).

• Ni 1.2%:USD 49.95/wmt (↑ $2.12)

• Ni 1.3%:USD 54.72/wmt (↑ $2.39)

• Ni 1.4%:USD 60.05/wmt (↑ $2.75)

• Ni 1.5%:USD 65.32/wmt (↑ $3.04)

• Ni 1.6%:USD 70.83/wmt (↑ $3.35)