Key Takeaway from SMM 2023 Indonesia Nickel and Cobalt Industry Chain Conference: Indonesia Plans to Launch Nickel Price Index This Year and Defer Export Tariffs on Nickel Products

At the opening of the SMM 2023 Indonesia International Nickel and Cobalt Industry Chain Conference on May 30, SMM is honoured to have invited Luhut, Minister of the Coordinating Ministry of Maritime Affairs and Investment Republic Indonesia and several other important Indonesian government officials.

In a speech during today’s morning session, the Indonesian government stated that it plans to launch a nickel price index this year. Currently, Indonesia only has the HPM price for nickel ore with a grade above 1.7% (HPM refers to the domestic trade benchmark price of Indonesian nickel ore). The nickel price index proposed at this conference will be distinguished from the current HPM, but the details of the new price index have not been directly disclosed at the meeting.

In addition, the Indonesian government has also proposed to defer the collection of export duties on nickel products. Previously, the Indonesian government had stated that it would impose export duties on NPI and high-grade nickel matte. But it has made it clear at the meeting that the implementation of the policy will be deferred.

Handshake between Luhut, Minister of the Coordinating Ministry of Maritime Affairs and Investment Republic Indonesia, and SMM CEO Fan Xin