Nickel prices traded steadily last week, with the most-traded SHFE nickel contract closing at Yuan 133,010/tonne on Friday (April 10). The news of 200 million tonnes of approved RKAB nickel ore quotas in Indonesia did not significantly disturb the market. Late last week, Indonesia signaled a potential revision to the HPM formula, but market participants remained cautious as the specific formula had yet to be disclosed.For nickel ore, Indonesia indicated that approved RKAB quotas stood at around 200 million tonnes, with overall nickel ore supply remaining tight. In the spot market, premiums for some nickel ore had risen to around $45/wmt, while downstream buyers, facing losses, continued to push back on ore prices. Additionally, Indonesia planned to revise the HPM formula, which was expected to add pricing components for cobalt, chromium, and iron in nickel ore. Market participants were advised to monitor the specific tax implications.