Asosiasi Penambang Nikel Indonesia (APNI) is calling on the government to monitor the impact of the new nickel ore benchmark price (HPM) on non-tax state revenue (PNBP) from the mineral and coal sector. In particular, the new HPM formula may push low-grade nickel ore (limonite) prices below previous levels.
Meidy Katrin Lengkey, Secretary-General of APNI, believes the change in HPM should be viewed in terms of the overall economic benefits obtained, rather than simply the rise or fall in ore prices. Meidy explained that the revision of the correction factor (CF) for low-grade nickel ore could change the HPM value per wet metric tonne (wmt). She therefore urged the government and industry participants to monitor its impact on actual transaction prices, sales volumes, royalties per tonne and total PNBP.
"For APNI, the measure of success of the HPM revision is not just the price per tonne. What we need to see is total state revenue, the sustainability of mining operations, supply security for smelters, and the optimization of the added value of Indonesia's nickel resources," Meidy said in a written statement on Thursday (September 17, 2026).
Meidy also urged the government to assess the fiscal impact following the implementation of Ministry of Energy and Mineral Resources (ESDM) Decision No. 363.K/MB.01/MEM.B/2026, particularly compared with the period when the previous HPM formula was in use.
On the other hand, Meidy confirmed that the government has adjusted the new HPM formula in the e-PNBP system, so that state revenue calculations follow the new HPM provisions effective September 15, 2026. She explained that the change in the HPM formula is not only about the commercial relationship between miners and smelters, but is also directly linked to the transaction value base, the calculation of corporate obligations, royalties and PNBP.
"APNI appreciates the government's response in adjusting the e-PNBP system to match the new HPM formula. Synchronization between pricing regulations and the state revenue system is crucial to ensure on-the-ground implementation can run from the effective date, while providing certainty for businesses in calculating and fulfilling their obligations to the state," she said.
However, she acknowledged that the new HPM makes low-grade nickel ore (limonite) more economical for Indonesia's high-pressure acid leach (HPAL)-based hydrometallurgical smelters.
Tri Winarno, Director General of Mineral and Coal at ESDM, said the HPM formula revision mainly involves adjustments to the nickel and cobalt correction factors. He stressed that the move is intended to make the feedstock absorbed by nickel smelters more economical. "The aim is to make it more economical for smelters, but we will evaluate it again later. How exactly to evaluate it and so on, we will certainly do so," Tri told media at the Indonesian Parliament complex on Wednesday (September 16, 2026).
