According to SMM, Indonesian stainless steel prices broadly increased by $30/mt today, driven by changes in upstream raw material policy. The latest quotations show that SMM Indonesia 304/2B stainless steel is now assessed at $2,112.5/mt, while SMM Indonesia 304/NO.1 stands at $2,002.5/mt.
The main driver behind this market move is that Indonesia’s Ministry of Energy and Mineral Resources (ESDM) officially raised the nickel ore benchmark price (HPM) starting today, April 15, and has fully implemented a new pricing formula. The rollout of the new pricing mechanism has directly lifted procurement costs for nickel smelters, prompting major stainless steel mills to raise their offers amid sharply higher cost pressure.
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