Confirmed! Government Decides to Increase Nickel Reference Mineral Price

Jakarta, CNBC Indonesia - The Minister of Energy and Mineral Resources (ESDM) Bahlil Lahadalia has confirmed that the government will increase the Nickel Reference Mineral Price (HMA). According to Bahlil, this measure is intended to support state revenues from the mineral sector. Considering that President Prabowo Subianto has given specific directives to enhance state revenues from the natural resources sector, particularly minerals. “It’s not a possibility; it has become our decision. We will raise the HMA. So, the standard reference price for nickel will be increased,” Bahlil said at the Coordinating Ministry for the Economy, Jakarta, on Friday (27/3/2026). In addition, Bahlil explained that his side will not change the policy of cutting nickel production in the 2026 Work Plan and Budget (RKAB). According to him, this is aimed at aligning nickel production with domestic industrial needs, so that prices in the market do not fall due to excess supply. “Regarding nickel. For nickel, we will create a balance between supply and demand in the RKAB. How much our factories need, that’s what we will produce. So that the price doesn’t fall either,” Bahlil stated. Previously, Bahlil revealed specific directives from President Prabowo Subianto. Especially to increase state revenues from the natural resources sector, particularly minerals. According to Bahlil, Prabowo emphasised that national interests should be the top priority in managing natural resources, which are strategic national assets. “The President instructed me on how to pay attention to national interests, priorities above all else. And we must safeguard our natural resources; our natural resources are national assets,” Bahlil said after a limited meeting with the President in Hambalang, Bogor, on Wednesday (25/3/2026). In that context, the Ministry of ESDM has been asked to seek new sources of revenue that have previously been considered not to have provided optimal portions. One of the steps being considered is the adjustment of the Mineral Benchmark Price (HPM) for nickel commodities, which has the potential to experience an increase. “Most likely, I will raise the HPM for nickel,” Bahlil added. Previously, the Ministry of ESDM targeted nickel ore production in this 2026 RKAB to be “only” 260 million tonnes. This figure is a decrease compared to the 2025 RKAB, which reached 379 million tonnes.