Indonesia Hikes Nickel Ore Benchmark Price in Hit to Processors

Indonesia will hike benchmark prices for nickel ore, further weighing on local processors facing cost pressures from the Middle East war.

The new formula, which takes effect on Wednesday, will raise the price floors for all grades of nickel ore, according to a presentation from the country’s Energy and Mineral Resources Ministry. The cost of byproduct metals contained in the ore, including cobalt, will also now be added to the benchmark.