Nickel Daily: For nickel ore, Indonesia's new HPM has shifted notably higher compared to previous levels

Nickel prices rose strongly last week. On Monday afternoon, a meeting at Indonesia's Ministry of Energy and Mineral Resources (ESDM) raised expectations of a revision to the nickel ore benchmark price (HPM), and nickel prices surged on anticipated cost increases. On Tuesday, the new formula was released, adding pricing components for cobalt, iron, and chromium in nickel ore. Under the new pricing mechanism, both hydrometallurgical and pyrometallurgical nickel ore saw significant price increases, and this drove nickel prices higher. On Friday, nickel prices continued to climb, stirred by news of potential MHP production cuts in Indonesia.For nickel ore, Indonesia's new HPM had shifted notably higher compared to previous levels. While the base price for pyrometallurgical ore had risen, it had not yet exceeded absolute nickel ore prices in the market.

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