Insight
Indonesia re-sets nickel ore pricing floor, raising stakes for HPAL operators
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Report summary
Indonesia has revised its minimum nickel ore price benchmark - the HPM - to a new higher level, effective 15 April 2026. The new HPM will have limited impact on RKEF smelter costs but will transform the costs base for HPAL operations, whether they are integrated or not.
Table of contents
- Key Changes:
- Saprolite ore (NPI/matte) impacts:
- Limonite (MHP) impacts:
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