【SMM Flash News】Indonesia's HMA Nickel Increased in Second Period of May, Finally Breaks $18,000 Threshold

Published: May 15, 2026 13:03

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The Indonesian ESDM has officially published the Mineral Reference Price (HMA) for the 2nd half of May 2026. The benchmark price for nickel has been set at $18,849.30/dmt, marking a significant increase of $1,047.16/dmt, or 5.88%, compared to the $17,802.14/dmt in the 1st period of May.

Additional reference prices for May’s 2nd period include cobalt at $55,854.00/dmt, iron ore at $1.58/dmt, and chrome ore at $6.37/dmt.

Based on SMM’s internal valuation models, simulation analyses were conducted for both saprolite ore (comprising 20% Fe, 1% Cr, and 0.05% Co) and limonite ore (comprising 45% Fe, 2% Cr, and 0.10% Co).

• Ni 1.2%:USD 49.95/wmt (↑ $2.12)

• Ni 1.3%:USD 54.72/wmt (↑ $2.39)

• Ni 1.4%:USD 60.05/wmt (↑ $2.75)

• Ni 1.5%:USD 65.32/wmt (↑ $3.04)

• Ni 1.6%:USD 70.83/wmt (↑ $3.35)

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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