Name: Implications of new HMA price guideline and implementation of HPM price for nickel products
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Insight 07 March 2025

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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On 24 February, 2025, the Indonesian Ministry of Energy and Mineral Resources issued guidelines to establish minimum benchmark prices for the sale of metallic minerals, including intermediate and finished nickel products - FeNi, NPI, MHP, MSP, matte and nickel metal. This insight provides the details of the price mechanisms and the implications for nickel price, and what may come next.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

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            Key changes
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        <ul id="0455c751-3583-47b5-8099-83d30df1d271" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        HMA Calculation Method
    </li>

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<li class="list__item-toggle font-semibold">
        Implication for nickel intermediates - current market payabilities compared to the HPM correction factor
    </li>

<li class="list__item-toggle font-semibold">
        Implication for NPI
    </li>

<li class="list__item-toggle font-semibold">
        Implication for FeNi
    </li>

<li class="list__item-toggle font-semibold">
        FeNi and NPI price forecasts
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<li class="list__item-toggle font-semibold">
        Conclusion
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        Comment
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         <li class="list__item push-quarter--bottom">HPM CF for matte compared to 2024 monthly payability</li><li class="list__item push-quarter--bottom">HPM CF for MHP compared to 2024 monthly payability</li><li class="list__item push-quarter--bottom">Realised sales prices</li>
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            <li class="list__item push-quarter--bottom">NPI cash costs</li><li class="list__item push-quarter--bottom">Average FeNi premia/discount to LME</li><li class="list__item push-quarter--bottom">NPI and FeNi price forecasts</li><li class="list__item push-quarter--bottom">HPM formula for nickel products</li>
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<p class="font-regular" >Implications of new HMA price guideline and implementation of HPM price for nickel products</p>
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