ESDM Revises Benchmark Prices for Nickel and Bauxite Ore, Effective 15 April 2026

The Ministry of Energy and Mineral Resources (ESDM) has revised the benchmark mineral prices (HPM) for nickel ore and bauxite. This change is stipulated in Ministerial Decree No. 144 of 2026 on Amendments to Ministerial Decree No. 268.K/MB.01/MEM.B/2025 regarding Guidelines for Determining Benchmark Prices for the Sale of Metal Mineral and Coal Commodities. The regulation takes effect as of tomorrow, 15 April 2026. “The re-determination of this formula is based on in-depth evaluation results with the main objective of optimising state revenues and ensuring fairness for all stakeholders,” said Tri in his statement on Tuesday (14/4/2026). The regulation governs three substantial changes, namely the adjustment of the nickel ore formula through adjustments to the Corrective Factor (CF) and the addition of associated minerals (iron, cobalt, and chromium) in the HPM calculation. Secondly, adjustments to the bauxite ore formula, including a reduction in the reactive-silica factor (R-SiO2) in the HPM calculation. Thirdly, changes to the pricing unit, namely a transition of the HPM unit for ore from the previous US dollars per dry metric ton (DMT) to US dollars per wet metric ton (WMT). “This unit change applies to various commodities, including nickel ore, bauxite, cobalt, lead, zinc, iron, copper, manganese, chromium, and iron sand,” said Tri. This is deemed crucial so that surveyors can present complete mineral quality data, such as associated minerals iron, cobalt, and chromium in nickel ore and reactive-silica content in bauxite ore, in accordance with these latest regulations. Nickel ore mining companies are also reminded to immediately coordinate with surveyors to present data on all Ni, Co, Fe, Cr levels and moisture content. Meanwhile, for bauxite ore mining companies, coordinate with surveyors to present data on all Al2O3, R-SiO2 levels, and moisture content.