Official! Bahlil Changes Reference Price Rules for Nickel and Associates, Here's the Content
Jakarta, CNBC Indonesia - The Minister of Energy and Mineral Resources (ESDM), Bahlil Lahadalia, has officially issued a new regulation regarding the determination of reference prices for the sale of metallic mineral commodities. This regulation is contained in Ministerial Decree No. 144.K/MB.01/MEM.B/2026 on Amendments to Ministerial Decree No. 266/2025 concerning Guidelines for Determining Reference Prices for the Sale of Metallic Mineral and Coal Commodities.
The amendment to the regulation, signed by ESDM Minister Bahlil Lahadalia on 10 April 2026, takes effect on 15 April 2026.
As is known, this regulation has been widely discussed by the Ministry of ESDM in recent times. 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 present in nickel ore.
According to him, these highly economically valuable associated minerals, such as cobalt and iron, have not been optimally priced until now. “Every month, we previously based it on the LME (London Metal Exchange) with a certain correction factor. For cobalt, we price it; for iron, we price it, so the reference price can increase,” Tri explained some time ago.
The changes prepared by the government, Tri said, are purely in the formula or calculation method, namely in the correction factor and valuation of associated minerals. Meanwhile, the schedule for issuing and determining the reference price will continue routinely as usual without any changes to the release period. “If it’s issued every two weeks, we still issue it. It’s the formula that changes. The formulas,” he emphasised.
For context, the HMA formula change for nickel is part of the government’s efforts to increase state revenues from the mineral sector. This is also in line with the directive from Indonesian President Prabowo Subianto to optimise state income from natural resources, particularly the mineral sector.
“It’s not a possibility; it’s already our decision. We will raise the HMA. So, the standard reference price for nickel will be increased by us,” said ESDM Minister Bahlil Lahadalia at the Coordinating Ministry for the Economy, quoted on Monday (30/3/2026).
Here is the latest calculation for Mineral Reference Prices
Nickel Ore
Formula:
HPM Nickel Ore = [(% Ni * CF Nickel Ore * HMA Nickel) + (% Fe * CF Associated Iron * HMA Iron Ore * 100) + (% Co * CF Associated Cobalt * HMA Cobalt) + (% Cr * CF Associated Chrome * HMA Chrome Ore * 100)] * (1-MC)
Notes:
HPM Nickel Ore is the metallic mineral reference price in the form of nickel ore in US$/WMT.
% Ni is the Ni content in nickel ore.
% Fe is the Fe content in nickel ore with the provision that associated iron minerals are calculated when Fe content ≤ 35%.
% Co is the Co content in nickel ore with the provision that associated cobalt minerals are calculated when Co content ≥ 0.05%.
% Cr is the Cr content in nickel ore.
CF Nickel Ore is the Corrective Factor for Nickel Ore, which is a percentage value that accommodates the correction value for nickel ore in HPM Nickel Ore with the provision: a. CF for nickel ore with 1.6% Ni = 30%. b. The CF value will increase or decrease by 1% for every 0.1% increase/decrease in Ni content.
CF Associated Iron is the Corrective Factor for Associated Iron, which is a percentage value that accommodates the correction value for associated iron minerals in HPM Nickel Ore, set at 30%.
CF Associated Cobalt is the Corrective Factor for Associated Cobalt, which is a percentage value that accommodates the correction value for associated cobalt minerals in HPM Nickel Ore, set at 30%.
CF Associated Chrome is the Corrective Factor for Associated Chrome, which is a percentage value that accommodates the correction value for associated chrome minerals in HPM Nickel Ore, set at 10%.
HMA Nickel is the reference mineral price for nickel in the HPM Nickel Ore calculation formula.
HMA Iron Ore is the reference mineral price for iron ore in the HPM Iron Ore calculation formula.
HMA Cobalt is the reference mineral price for cobalt in the HPM Cobalt calculation formula.
HMA Chrome Ore is the reference mineral price for chrome ore in the HPM Chrome Ore calculation formula.
MC (Moisture Content) is the percentage of water content in nickel ore.
Ferronickel
Formula:
HPM Ferronickel = (% Ni * HMA Nickel) * CF
Notes:
HPM Ferronickel is the metallic mineral reference price in the form of ferronickel in US$/DMT.
% Ni is the Ni content in ferronickel.
HMA Nickel is the reference mineral price for nickel in the HPM calculation formula.
CF is the Corrective Factor, which is a percentage value that accommodates discounts or premiums based on the quality of the commodity being traded, set at 95%.
Mixed Hydroxide Precipitate (MHP)
Formula:
HPM MHP = (% Ni * HMA Nickel * CF Ni) + (% Co * HMA Cobalt * CF Co)
Notes:
HPM MHP is the metallic mineral reference price in the form of Mixed Hydroxide Precipitate (MHP) in US$/DMT.
% Ni is the Ni content in MHP.
HMA Nickel is the reference mineral price for nickel in the HPM calculation formula.
CF Ni is the Corrective Factor for nickel, which is a percentage value that accommodates discounts or premiums based on the quality of the nickel commodity being traded, set at 60%.
% Co is the Co content in MHP.
HMA Cobalt is the reference mineral price for cobalt in the HPM calculation formula.
CF Co is the Corrective Factor for cobalt, which is a percentage value that accommodates discounts or premiums based on the quality of the cobalt commodity being traded, set at 100%.
Mixed Sulfide Precipitate (MSP)
Formula:
HPM MSP = (% Ni * HMA Nickel * CF Ni) + (% Co * HMA Cobalt * CF Co)
Notes:
HPM MSP is the metallic mineral reference price in the form of Mixed Sulfide Precipitate (MSP) in US$/DMT.
% Ni is the Ni content in MSP.
HMA Nickel is the reference mineral price for nickel in the HPM calculation formula.
CF Ni is the Corrective Factor for nickel, which is a percentage value that accommodates discounts or premiums based on the quality of the nickel commodity being traded, set at 60%.
% Co is the Co content in MSP.
HMA Cobalt is the reference mineral price for cobalt in the HPM calculation formula.
CF Co is the Corrective Factor for cobalt, which is a percentage value that accommodates discounts or premiums based on the quality of the cobalt commodity being traded, set at 100%.