The Minister of Energy and Mineral Resources of Indonesia, Arifin Tasrif, signed the Minister of Energy and Mineral Resources Decree No. 288.K/MB.01/ MIM.b /2022, which relates to the reference price for metal minerals and the reference price for coal for December 2022. The amount of HMA nickel in the ESDM Ministerial Decree is $23,907.73 per dry metric ton (dmt).
ESDM Minister Arifin Tasfir explained that the publication of the HMA Energy and Mineral Resources Ministerial Decree in November was in the context of the implementation of Section 6 (6) of the Resources (ESDM) 2021 No. 7 on the setting of benchmark prices in the context of the implementation of Section 6 (6) of the Ministerial Regulation on Energy and Minerals (Permanent). On the basis of the ESDM regulations, the ESDM produces a monthly decree of the Minister of Energy and Mineral Resources on metal minerals and coal HMA.
The Nickel HMA released by the Minister of Energy and Mineral Resources as the basis for calculating the Mineral Benchmark Price (HPM) for December 2022 refers to ESDM No. Permen. Minister of Energy and Mineral Resources Decree No. 11 of 2020 2946K/30/ Memory /2017.
"HMA Nickel is the average spot nickel metal price published by the London Metal Exchange (LME) from the 20th two months prior to the HPM period to the 19th month prior to the HPM period," wrote the Minister of Energy and Mineral Resources, Arifin Tasrif in the HMA Ministerial Order. Nickel, December 2022.
Based on the HMA with a nickel (Ni) content of 1.80% and a correction factor (CF) of 35% in December 2022, the HPM of nickel is $53.15 / wmt. The December HMP nickel skips the November 2022 nickel HPM with the same grade CF and MC at $49.74 per metric ton. The HPM for November was calculated based on the HMA of nickel of $22,374.77 / dry metric ton.
Nickel's December 2022 HPM is even well ahead of October HPM nickel and September 2022, according to nickel.co.ID records. HPM nickel for October was $49.04 /wtm and HMA for nickel was $22,081.25 /dmt. Based on the HMA of nickel at US $22,059.13 / dry MT, the HPM for nickel in September was US $49.04 / wet MT.
However, it is below August nickel's HPM of $60.94 /wmt and HMA of $27,414.47 /dmt.
This December HPM Nickel is the basis for a Free on Board (FOB) trade transaction scheme between mining companies and nickel processing plants, which has been published in Permen ESDM No. 11, 2020.
