According to Mysteel, Indonesia's Ministry of Energy and Mineral Resources (ESDM) held a meeting on April 13, 2026, to discuss the revision of the Mineral Benchmark Price (HPM) for nickel ore. The agenda primarily focused on the dissemination of Ministerial Decree No. 144.K/MB.01/MEM.B/2026, which amends Decree No. 268.K/MB.01/MEM.B/2025 concerning guidelines for determining benchmark prices for the sale of mineral, metal, and coal commodities.
ESDM Decree No. 144, which revises Decree No. 268, will take effect on April 15, 2026. The core revisions apply to nickel ore and its processed ores, covering all nickel mining companies. Significant changes have been made to the HPM pricing formula, mainly involving adjustment factors and the valuation of associated minerals.
Adjustment Factors:
- The correction factor (CF) for 1.6% grade nickel ore has been raised from 17% to 30%.
- For every 0.1% increase or decrease in nickel grade, the CF will decrease or increase by 1%, respectively.
- Correction factors for cobalt (Co) and iron (Fe) are both set at 30%, while chromium (Cr) is set at 10%.
Valuation of Associated Minerals:
- Cobalt content (threshold: ≥0.05%) will be included in the valuation, along with iron and chromium.
- The taxable base for nickel remains unchanged from the previous level.
- Cobalt associated with nickel ore will be subject to a 2% tax rate.
Further details are pending the release of official documents by ESDM.
Document link: https://mfs.mysteelcdn.com/group1/M00/0B/14/rBL632ncnE6AAV_lABg6Ht6BHF4272.pdf
Written by Cora Ji, jiruyan@mysteel.com
Join Mysteel's April 30 webinar to explore whether supply disruptions will drive the next leg higher for lithium and nickel markets in Q2 2026. https://www.mysteel.net/event-listings/100067-q2-2026-lithium-and-nickel-will-supply-disruptions-fuel-further-price-hikes
