【SMM Flash News】Indonesia's HMA Nickel Increased in Early May, Smelters Have Transitioned to New Benchmark System

Published: May 4, 2026 15:09

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Following the revision of Indonesia’s HPM formula to include Iron, Cobalt, and Chromium, SMM expects the pricing impact to vary significantly. According to 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 $17,802/dmt for Nickel, an increase of 5.13%, $55,854/dmt for Cobalt, $1.56/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 47.82/wmt (↑ $1.76)

• Ni 1.3%: USD 52.34/wmt (↑ $1.98)

• Ni 1.4%: USD 57.30/wmt (↑ $2.14)

• Ni 1.5%: USD 62.28/wmt (↑ $2.38)

• Ni 1.6%: USD 67.49/wmt (↑ $2.63)

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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