【SMM Flash News】Indonesia's HPM Prices Hike Due to Multi-Element Benchmarks on Ore Valuation

Published: Apr 21, 2026 13:40

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Following the revision of Indonesia’s HPM formula to include Iron (Fe), Cobalt (Co), and Chromium (Cr), SMM expects the pricing impact to vary significantly. According SMM’s internal assumptions, Saprolite (20% Fe, 1% Cr, 0.05% Co) and Limonite (45% Fe, 2% Cr, 0.10% Co), calculated against the latest HMA benchmarks of $16,934/dmt for Nickel, $55,853/dmt for Cobalt, $1.58/dmt for Iron, and $6.37/dmt for Chrome. This modeling illustrates the impact of byproduct levels on the new benchmarks. These figures serve as a reference, though actual valuations will vary by mine geography and ore characteristics.

• Ni 1.2%: USD 46.06/wmt (↑ $28.73)

• Ni 1.3%: USD 50.35/wmt (↑ $30.13)

• Ni 1.6%: USD 64.85/wmt (↑ $34.63)

• Ni 1.7%: USD 70.03/wmt (↑ $36.03)

• Ni 1.8%: USD 75.42/wmt (↑ $37.42)

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.

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