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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":744,"relatedVideos":745},112467418599742,"507128fc-ab4c-4838-9f9a-7f1db8953bbf","Indonesian nickel smelters face soaring ore costs amid domestic supply crunch","indonesian-nickel-smelters-face-soaring-ore-costs-amid-domestic-supply-crunch","article/indonesian-nickel-smelters-face-soaring-ore-costs-amid-domestic-supply-crunch",{"_uid":547,"date":548,"live":50,"tags":549,"editor":559,"content":569,"excerpt":719,"featured":51,"reporter":720,"_editable":724,"component":725,"seo_title":726,"categories":727,"visibility":733,"author_company":664,"data_vis_image":734,"featured_image":738,"seo_description":741,"author_full_name":664,"author_job_title":664,"formattedDate":742,"formattedArticleDate":743},"cc054e11-603f-4061-b959-358810f2f01f","2025-07-21 00:00",[550,553,556],{"slug":551,"name":552},"data-visualisation","Data Visualisation",{"slug":554,"name":555},"indonesia","Indonesia",{"slug":557,"name":558},"philippines","Philippines",[560],{"slug":561,"name":562,"content":563},"matthew-bird","Matthew Bird",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Senior Editor - Supply Chains & Data Visualisation",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":570,"content":571},"doc",[572,579,607,625,636,643,648,653,665,670,675,683,688,693,698,703],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"Indonesia’s nickel smelters are paying an increasingly steep premium to secure nickel ore, as a domestic supply crunch squeezes the industry’s margins. Benchmark notes the premium for some grades, based on data from Mysteel, is approaching 100% over the government’s benchmark price, known as the Harga Patokan Mineral (HPM).","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582,584,592,597,599,605],{"text":583,"type":578},"This supply tightness is driven by rising demand from Indonesian operations—including both newly commissioned High Pressure Acid Leach (HPAL) plants and rotary kiln electric furnaces (RKEFs)—as well as a slowdown in the approval ",{"text":585,"type":578,"marks":586},"of Indonesia’s mining quotas",[587],{"type":588,"attrs":589},"link",{"href":590,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments","url",{"text":593,"type":578,"marks":594},"earlier in the year",[595],{"type":588,"attrs":596},{"href":590,"uuid":49,"anchor":49,"target":49,"linktype":591},{"text":598,"type":578},". Compounding this, ",{"text":600,"type":578,"marks":601},"heavy rains in the Sulawesi region",[602],{"type":588,"attrs":603},{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/hpal-waste-management-in-the-spotlight-after-indonesian-landslide",{"text":606,"type":578},", a major nickel-producing area of the country, have disrupted nickel ore production this year.",{"type":573,"attrs":608,"content":609},{"textAlign":49},[610,612,618,620],{"text":611,"type":578},"In particular, the elevated premium is sharply impacting operating margins for non-integrated nickel smelters, which have already faced pressure from falling London Metal Exchange (LME) prices and ",{"text":613,"type":578,"marks":614},"Indonesia’s recent hike in royalty rates",[615],{"type":588,"attrs":616},{"href":617,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/battey-targeted-nickel-favoured-in-indonesias-royalty-hike",{"text":619,"type":578},". Benchmark notes that HPAL operations, targeted at supplying the battery industry, continue to maintain healthy margins and ",{"text":621,"type":578,"marks":622},"benefit from a preferential rate under the new royalty regime.",[623],{"type":588,"attrs":624},{"href":617,"uuid":49,"anchor":49,"target":49,"linktype":591},{"type":573,"attrs":626,"content":627},{"textAlign":49},[628,634],{"text":629,"type":578,"marks":630},"Benchmark’s newly released Nickel Cost Model",[631],{"type":588,"attrs":632},{"href":633,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://www.benchmarkminerals.com/nickel/data-reports/forecasts",{"text":635,"type":578}," shows that ore purchasing costs for non-integrated RKEFs are on average 28% higher (~$1,200/tonne) than those of integrated smelters.",{"type":637,"attrs":638,"content":640},"heading",{"level":639,"textAlign":49},4,[641],{"text":642,"type":578},"Philippines provides supply lifeline",{"type":573,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":578},"With domestic ore in short supply, Indonesian smelters have increasingly turned to the Philippines to secure feed. ",{"type":573,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":578},"In 2024, Indonesia imported over 10 million tonnes of nickel ore to counteract the shortfall in domestic supply, representing a 270% increase on the previous year. This trend has accelerated further in 2025, with imports up 279% y-o-y between January-May.",{"type":654,"attrs":655},"blok",{"id":656,"body":657},"0f308a37-1e44-4b76-be31-0eb98347099e",[658],{"id":659,"_uid":660,"type":661,"_editable":662,"component":663,"fixed_height":664,"use_fixed_height":50,"fixed_height_mobile":664,"fixed_height_tablet":664},"24300550","i-18450c07-5447-4495-ba62-ac02b31dcc42","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-18450c07-5447-4495-ba62-ac02b31dcc42\", \"id\": \"\"}-->","ContentFlourish","",{"type":573,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":578},"Notably, Weda Bay, home to the industrial park (IWIP) accounts for the vast majority of the ore imports from the Philippines. ",{"type":573,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":578},"This reflects not just volume needs but also ore quality: operations at Weda Bay blend imported ore to balance high silicon-magnesium (Si-Mg) levels in local ore, essential for RKEFs to reduce the viscosity and melting points of the ore (thus minimising processing requirements and electricity costs).",{"type":654,"attrs":676},{"id":677,"body":678},"c0cce572-2016-4152-8f93-ff75880420b0",[679],{"id":680,"_uid":681,"type":661,"_editable":682,"component":663,"fixed_height":664,"use_fixed_height":50,"fixed_height_mobile":664,"fixed_height_tablet":664},"24300707","i-53a99a32-bc44-43f6-9eb7-87ec5aa62d13","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-53a99a32-bc44-43f6-9eb7-87ec5aa62d13\", \"id\": \"\"}-->",{"type":637,"attrs":684,"content":685},{"level":639,"textAlign":49},[686],{"text":687,"type":578},"Indonesia plans mining quota adjustment",{"type":573,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":578},"To curb the nickel market’s mounting surplus, Indonesia’s Ministry of Energy and Mineral Resources announced in mid-July that it will revert to annual reviews of RKAB mining quotas (from the current three-year cycle) to better control its resources, in a bid to support benchmark nickel prices and maintain the industry’s margins.",{"type":573,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":578},"Despite rising costs, medium-term demand for nickel ore shows little sign of slowing. But a steady decline in Indonesian ore grades, driven by the depletion of higher-grade deposits, is set to place additional strain on domestic supply. ",{"type":573,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":578},"To sustain the projected growth in refined output, Indonesia’s nickel industry must expand domestic exploration or face an increased reliance on ore imports.",{"type":573,"attrs":704,"content":705},{"textAlign":49},[706,715],{"text":707,"type":578,"marks":708},"Benchmark’s Nickel Forecast",[709,713],{"type":588,"attrs":710},{"href":711,"uuid":49,"anchor":49,"target":712,"linktype":591},"https://www.benchmarkminerals.com/nickel","_self",{"type":714},"italic",{"text":716,"type":578,"marks":717}," provides a forward-looking view of supply, demand, costs and prices out to 2040 to guide strategic planning.",[718],{"type":714},"Indonesia’s nickel smelters are paying an increasingly steep premium to secure nickel ore, as a domestic supply crunch squeezes the industry’s margins. Benchmark notes the premium for some grades, based on data from Mysteel, is approaching 100% over the government’s benchmark price, known as the Harga Patokan Mineral (HPM). This supply tightness is driven by […]",[721],{"slug":561,"name":562,"content":722},{"job_title":564,"image":723,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"cc054e11-603f-4061-b959-358810f2f01f\", \"id\": \"\"}-->","article","Indonesian nickel smelters face soaring ore costs amid domestic..",[728,731],{"slug":729,"name":730},"critical-minerals","Critical Minerals",{"slug":732,"name":150},"nickel","private",{"id":49,"alt":664,"name":664,"focus":664,"title":664,"source":664,"filename":735,"copyright":664,"fieldtype":736,"meta_data":737,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1753114182/www-production/Indonesias-Weda-Bay-accounts-for-the-majority-of-Philippine-nickel-ore-imports-in-2025@2x-2/Indonesias-Weda-Bay-accounts-for-the-majority-of-Philippine-nickel-ore-imports-in-2025@2x-2.png?_i=AA","asset",{"alt":664,"title":664,"source":664,"copyright":664},{"id":49,"alt":664,"name":664,"focus":664,"title":664,"source":664,"filename":739,"copyright":664,"fieldtype":736,"meta_data":740,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/aa78691cce/bm-shutterstock-1754009414.jpg",{"alt":664,"title":664,"source":664,"copyright":664},"Indonesia’s nickel smelters are paying an increasingly steep premium to secure nickel ore, as a domestic supply crunch squeezes the industry’s margins. Benchmark notes the premium for some grades, based on data from Mysteel ...","Jul 21, 2025","21st July 2025",[],[],1781512923508]