According to the first-quarter report released by PT Harum Energy Tbk, the company produced 27,537 tonnes of nickel pig iron (NPI) in Q1 2026, up 43.97% quarter-on-quarter and 53.93% year-on-year. Nickel sales volume in the quarter reached 20,907 tonnes, an increase of 3.19% quarter-on-quarter.
Nickel continued to be the main driver of the company's performance growth. In Q1 2026, the year-on-year increase in nickel product sales was supported by stronger LME nickel prices and improved product mix. The average selling price also rose 29% year-on-year to $15,073/tonne. Sales volume growth was mainly driven by faster-than-expected capacity ramp-up, further cementing nickel's position as the core profit engine. In terms of revenue contribution, the nickel business accounted for 97% of the company's total revenue and contributed all of its EBITDA, underscoring its dominant role in Q1 2026 results.
This strong performance highlights the scalability of the nickel segment. With continued sales volume growth, a rising contribution from MHP products, and ongoing improvements in vertical integration (including the proportion of self-owned ore supply expected to rise from 13% of total ore consumption in 2025 to over 50% in 2026), profit margins in the nickel business are expected to remain well supported.
Blue Sparking Energy (BSE) project
The HPAL project is progressing smoothly toward its full capacity target of 67,000 tonnes of nickel in MHP annually. The project began commercial sales at the end of March 2026, with a sales volume of 4,091 tonnes of MHP in the quarter. Ramp-up has now been completed, and the plant was operating near full capacity in April 2026. The company expects to achieve approximately 80% capacity utilization (around 53,600 tonnes) by the end of 2026.
Written by Cora Ji, jiruyan@mysteel.com
