Bahlil Plans to Increase Reference Price for Nickel Minerals, Here's What It Means

Jakarta, CNBC Indonesia - The Ministry of Energy and Mineral Resources (ESDM) plans to change the formula for calculating the Reference Mineral Price (HMA) for one of the commodities, namely nickel. This plan was previously stated by Minister of ESDM Bahlil Lahadalia.

The Director General of Minerals and Coal (Dirjen Minerba) of the Ministry of ESDM, Tri Winarno, revealed that the new nickel HMA formula will take into account the value of associated minerals contained in nickel ore.

According to him, these highly economically valuable associated minerals, such as cobalt and iron, have not been optimally priced so far.

“Every month, we issue it based on the LME (London Metal Exchange) with a certain correction factor,” said Tri when met at the Ministry of ESDM office in Jakarta on Monday (6/4/2026).

“We will price the cobalt, we will price the iron, so the reference price can increase,” he added.

The changes prepared by the government, said Tri, are purely on the calculation formula, namely the correction factor and the valuation of associated minerals. Meanwhile, the issuance schedule and determination of the reference price will continue routinely as usual without any changes to the release period.

“If it’s issued every two weeks, we will still issue it. The formula that changes. The formulas,” he emphasised.

For information, the plan to increase the HMA formula for nickel is part of the government’s efforts to boost state revenues from the mineral sector.

This is also in line with the instructions from Indonesian President Prabowo Subianto, who asked for the optimisation of state income from natural resources, especially the mineral sector.

“It’s not a possibility, it’s already our decision. That we will raise the HMA. So the standard reference price for nickel, we will increase it,” said Bahlil at the Coordinating Ministry for the Economy, quoted on Monday (30/3/2026).

In addition, Bahlil explained that his side also plans to cut the nickel production quota in the 2026 Work Plan and Budget (RKAB).

This policy is taken to regulate nickel production to align with domestic industry needs, so that prices do not fall due to oversupply.

“Regarding nickel. For nickel, we will also create a balance between supply and demand in the RKAB. How much the factory needs, that’s what we will issue. So that the price doesn’t fall either,” said Bahlil.