MEMR sets nickel reference price at $16,426.54/dmt for late January

The Ministry of Energy and Mineral Resources (MEMR) has set the Reference Metal Mineral Price (HMA) for nickel at US$16,426.54 per dry metric ton (dmt) for the second period of January 2026.

The price is stipulated in MEMR Ministerial Decree No. 12.K/MB.01/MEM.B/2026, which took effect on Jan. 15, 2026.

Energy and Mineral Resources Minister Bahlil Lahadalia said the reference price is intended to ensure business certainty and promote a fair and transparent mineral trading system.

The decree states that the nickel HMA is calculated based on the average cash seller and settlement price of nickel on the London Metal Exchange (LME), using price data from Dec. 19, 2025 to Jan. 9, 2026.

Read also : Indonesia targets nickel prices at $19,000–$20,000 in 2026 after output cuts

The HMA serves as the official base price for domestic nickel transactions, royalty calculations, and the formulation of the Benchmark Mineral Price (HPM), which must be used in domestic metal mineral sales.

In addition to nickel, the government also set reference prices for other metal minerals, including cobalt, copper, aluminum, gold, and silver, as well as the Reference Coal Price (HBA) for the same period.

The policy is expected to support stability in the national mining industry, particularly given nickel’s strategic role in electric vehicle battery production and Indonesia’s mineral downstreaming push.

Editing by Reiner Simanjuntak