[Indonesia Domestic Nickel Ore Benchmark Price] Indonesia's HMA Nickel Price Continues to Decline （First Half of July）

Indonesia's Ministry of Energy and Mineral Resources (ESDM) has officially released the benchmark mineral price (HMA) for the first half of July 2026. The HMA for this period is as follows: nickel price at US$17,593.33/tonne, down from US$18,642.33/tonne in the second half of June 2026, representing a decrease of US$1,049.00/tonne, or 5.63%. Meanwhile, the benchmark prices for other minerals are: cobalt at US$55,854.00/tonne, iron ore at US$1.51/tonne, and chromite ore at US$6.37/tonne.

According to SMM's internal calculation model, based on simulations for pyrometallurgical ore (20% Fe, 1% Cr, 0.05% Co) and hydrometallurgical ore (45% Fe, 2% Cr, 0.10% Co), the benchmark nickel ore prices (HPM) for different grades have changed as follows:

Ni 1.2%: US$47.40/wmt (down US$2.13)

Ni 1.3%: US$51.86/wmt (down US$2.39)

Ni 1.4%: US$56.58/wmt (down US$2.95)

Ni 1.5%: US$61.49/wmt (down US$3.24)

Ni 1.6%: US$66.64/wmt (down US$3.55)