[Benchmark Price of Indonesia's Local Ore]
SMM forecasts that there is a slight decrease of Indonesia's local ore HPM on the second half of August, with an estimated decrease of 0.10%. The HMA for the second half of August is expected to be USD 15,013/dmt, a decrease of USD 15/dmt.
SMM forecasts that the benchmark HPM for Indonesia's local ore (MC35%) in the second half of August will be as follows：
- HPM for nickel ore with Ni 1.2% grade: USD 15.22/wmt, a drop of USD 0.02/wmt compared to the first half of August;
- HPM for nickel ore with Ni 1.6% grade: USD 26.54/wmt, a drop of USD 0.03/wmt compared to the first half of August;
- HPM for nickel ore with Ni 1.7% grade: USD 29.86/wmt, a drop of USD 0.03/wmt compared to the first half of August;
- HPM for nickel ore with Ni 1.8% grade: USD 33.37/wmt, a drop of USD 0.04/wmt compared to the first half of August;
- HPM for nickel ore with Ni 2.0% grade: USD 40.98/wmt, a drop of USD 0.05/wmt compared to the first half of August.
Overall, the HPM prices for second period of August are relatively stable with the previous period. The Indonesian NPI prices have trended upward over the past two weeks. In terms of raw material, anticipation towards nickel ore price still persists on the current level. Another round of RKAB approvals, combined with an easing of the rainy season, could lead to a potential decline in the upcoming period.
