Get Ready for the Nickel Reference Price to Rise, Here's Why

Jakarta, CNBC Indonesia - The Minister of Energy and Mineral Resources (ESDM), Bahlil Lahadalia, stated that the President of the Republic of Indonesia, Prabowo Subianto, has instructed him to seek new sources of revenue from the mineral sector. One possibility is to raise the Nickel Reference Price (HPM). Bahlil stated that Prabowo emphasised that the interests of the state should be the top priority in managing natural resources, which are strategic national assets. This is aimed at increasing state revenues, which are considered not yet fair for the country. Especially amid global geopolitical turmoil, particularly in the Middle East. “The President has instructed me to pay attention to the interests of the state, with priorities above everything else. And we must safeguard our natural resources; these natural resources are national assets,” Bahlil said after a limited meeting with the President in Hambalang, Bogor, on Wednesday (25/3/2026). “The President also instructed to seek sources of revenue in the mineral sector that have not been fair for the country so far,” Bahlil revealed. One of the steps being considered is the adjustment of the Nickel Reference Price (HPM) for the nickel commodity, which has the potential to experience an increase. “Most likely, I will raise the HPM for nickel,” Bahlil added. Furthermore, Bahlil said the government’s target is to ensure that downstream processing runs smoothly, the energy transition takes place, and coal production still follows a balance of supply and demand with affordable prices. According to him, the government wants an ideal condition where both prices and production are good, but emphasises that natural resources should not be sold cheaply while still maintaining a good market balance. “We want the ideal situation where the prices are good and production is good. But if not, our goods should not be sold cheaply. And supply and demand are still within a good corridor,” Bahlil said.