The revision of Indonesia's HPM (Domestic Market Benchmark Price) pricing formula became a market focal point. On April 13, the Indonesian Ministry of Energy and Mineral Resources held a meeting and announced major revisions to the nickel ore benchmark price (HPM): the correction factor for 1.6% grade nickel ore was raised from 17% to 30%, and pricing components for cobalt (Co) and iron (Fe) were added (with a correction factor of 30% for each). Cobalt content of 0.05% or above would be subject to taxation at a rate of 2%. This policy was expected to directly raise Indonesia's nickel ore benchmark price, particularly increasing costs for HPAL ore with higher cobalt content, thereby providing longer-term support for nickel pig iron (NPI) costs. In the Philippines, sea freight still had room to fall, with the freight rate from Surigao to Lianyungang dropping to US $13.2/wmt and to Weda Bay at US $10.8/wmt.