Insight
Implications of new HMA price guideline and implementation of HPM price for nickel products
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
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.
Table of contents
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Key changes
- HMA Calculation Method
- Implication for nickel intermediates - current market payabilities compared to the HPM correction factor
- Implication for NPI
- Implication for FeNi
- FeNi and NPI price forecasts
- Conclusion
- Comment
Tables and charts
This report includes the following images and tables:
- HPM CF for matte compared to 2024 monthly payability
- HPM CF for MHP compared to 2024 monthly payability
- Realised sales prices
- NPI cash costs
- Average FeNi premia/discount to LME
- NPI and FeNi price forecasts
- HPM formula for nickel products
What's included
This report contains:
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