New Revenue Source for Indonesia: Nickel Reference Mineral Price Set to Rise

Jakarta, CNBC Indonesia - The government, through the Ministry of Energy and Mineral Resources (ESDM), has confirmed plans to raise the Reference Mineral Price (HMA) for nickel commodities. This is part of the government’s efforts to increase state revenues from the mineral sector.

This aligns with directives from President Prabowo Subianto, who has called for the optimisation of state income from natural resources, particularly the mineral sector.

“It is not just a possibility; it has become our decision. We will raise the HMA. So, the standard reference price for nickel will be increased,” said Bahlil at the Coordinating Ministry for the Economy, quoted on Monday (30/3/2026).

Additionally, Bahlil explained that they also plan to reduce nickel production quotas in the 2026 Work Plan and Budget (RKAB).

This policy is aimed at regulating nickel production to align with domestic industrial needs, thereby preventing prices from falling due to excess supply.

“Regarding nickel, we will create a balance between supply and demand in the RKAB. We will produce according to the needs of our factories, so that prices do not fall,” said Bahlil.

Previously, Bahlil revealed specific directives from President Prabowo Subianto, particularly to increase state revenues from the natural resources sector, especially minerals.

According to Bahlil, Prabowo emphasised that national interests must be the top priority in managing natural resources, which are strategic state assets.

“The President has instructed me to pay attention to the interests of the state, which take priority above all else. And we must safeguard our natural resources; these natural resources are state assets,” said Bahlil 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 not been optimally utilised.

One of the steps under consideration is adjusting the Mineral Benchmark Price (HPM) for nickel commodities, which could potentially see an increase. “It is very likely that I will raise the HPM for nickel,” added Bahlil.