Indonesia's mineral reference prices (HMA) for nickel and cobalt declined to their lowest levels this year in the first pricing period of October, pushing the benchmark price (HPM) for nickel ore to a five-month low since the introduction of cobalt, iron and chromium into nickel ore valuation on 15 April.
The Ministry of Energy and Mineral Resources (ESDM) set the nickel HMA at $16,322.67/t, down $375.33/t from the second pricing period of September. The decline reflected weakness in London Metal Exchange (LME) nickel prices, which traded in a range of roughly $16,000-16,700/t, the lowest levels seen this year. Prices were under pressure given expectations of improving ore availability and sluggish demand from both the stainless steel and battery sectors.
The cobalt benchmark price dropped by $11,657/t to $41,047.33/t. LME cobalt prices fell below $40,000/t for the first time since October 2025, reflecting persistent weakness across the cobalt supply chain. Market sentiment remained bearish as buying interest stayed muted and feedstock availability increased, prompting many participants to maintain short positions in anticipation of further price declines.
Meanwhile, the chromium benchmark price was unchanged at $6.37/t, while the iron benchmark price eased by $0.02/t to $1.45/t.
Using a nickel ore specification of 1.5pc nickel, 0.05pc cobalt, 1pc chromium and 20pc iron, the corresponding nickel ore benchmark price (HPM) was calculated at $56.22/wet metric tonnes (wmt), down $2.28/wmt from the second pricing period of September.
