[SMM Analysis] Weak Downstream Price Acceptance Led to Slight Decline in Nickel Salt Price

The Forum Industri Nikel Indonesia (FINI) has formally requested government clarification on the scope of ferro alloy products that will be required to export through PT Danantara Sumberdaya Indonesia (DSI), Indonesia's newly established single-window export body. FINI Chairman Arif Perdana Kusumah said the industry is still awaiting an official commodity list, with the key open question being whether the mandatory DSI routing applies only to ferronickel (FeNi) or also to nickel pig iron (NPI). Ferronickel, a nickel-iron alloy with typical nickel content of 20-40%, is a key feedstock for stainless steel. The uncertainty adds to operational planning challenges for NPI producers as the DSI framework takes shape.

PT Trimegah Bangun Persada (NCKL), known as Harita Nickel, reported Q1 2026 revenue of Rp6.81 trillion (~$418 million) and full-year 2025 revenue of Rp29.63 trillion (~$1.82 billion), with all production lines — nickel ore mining, RKEF pyrometallurgy, and HPAL hydrometallurgy producing MHP and nickel sulphate — running on target. The company said it is maintaining a measured operational approach across its integrated value chain amid a challenging global nickel market. On ESG, Harita reported Q1 2026 emissions avoidance of 977,278 tCO2e, up 37% year-on-year, supported by waste heat recovery, biosolar use, and coal gasification technology. The company is also advancing IRMA corrective actions and preparing for RMAP supply chain due diligence audit.

First Atlantic Nickel & Cobalt Corp. has received a supplemental exploration permit from the Government of Newfoundland and Labrador for its wholly owned Pipestone XL Nickel-Cobalt Alloy Project, covering a 30-kilometre ophiolite complex. The permit authorizes wellbore water injection, additional drilling, and Electrical Resistivity Tomography surveys. The project targets awaruite (Ni3Fe), a naturally occurring nickel-iron-cobalt alloy (~77% nickel) that requires no smelting, roasting, or acid leaching — eliminating processing steps typical of sulphide or laterite ore. The permit also advances a secondary initiative to stimulate geologic hydrogen production by injecting water into serpentinizing ultramafic rock, developed in collaboration with the Colorado School of Mines.