| Component | Assay | CF | HMA | Contribution (USD/DMT) |
|---|
[ (%Ni × CF_Ni × HMA_Ni)
+ (%Fe × CF_Fe × HMA_BijihBesi × 100)
+ (%Co × CF_Co × HMA_Kobalt)
+ (%Cr × CF_Cr × HMA_BijihKrom × 100) ]
× (1 − MC)
| Element | CF base | Scale rule | Threshold |
|---|---|---|---|
| Ni | 30% @ 1.60% | ±1% per 0.10% grade step | — |
| Fe | 30% | flat | only if %Fe ≤ 35% |
| Co | 30% | flat | only if %Co ≥ 0.05% |
| Cr | 10% | flat | none |
| Product | Formula (KEPMEN 144/2026) | HPM (USD/DMT) | Notes |
|---|
Reading the table. FeNi CF=95%, NPI CF=85% — reflects lower recovery losses vs pure metal. Matte assumes combined Ni+Co payable at 78% of HMA_Ni (Co not paid separately). MHP pays 60% Ni + 100% Co; MSP pays 60% Ni + 30% Co. Ingot Nikel = 100% HMA_Ni (LME cathode equivalent).
Nickel-ore royalty in 2026 is a tiered rate (10–19%) based on HMA Ni band per PP 15/2022 & PP 19/2025. 14% is illustrative for the mid-tier band around HMA_Ni ≈ USD 17,500/dmt.
Fastmarkets clarifies inclusion of HPM in Indonesia nickel-ore assessment — since April 2026, its published low/mid/high range references HPM as the regulatory anchor when spot transactions are sparse. Chinese SMM CIF Ni 1.5% is another common benchmark.
Rule of thumb. Fe credit vanishes above 35%. Co credit vanishes below 0.05%. Every +5 pp of MC destroys ~5% of HPM (because (1−MC) multiplier applies to the whole result). Saprolite (low Fe, high Ni) rewards Ni content; Limonite (high Fe, low Ni) benefits materially from the Fe credit — but only up to the 35% threshold.
| Aspect | KEPMEN 268/2025 (old) | KEPMEN 144/2026 (in force) | Impact |
|---|---|---|---|
| CF_Ni base (Bijih Nikel) | 17% @ 1.60% Ni | 30% @ 1.60% Ni | ~+13 pp Ni credit |
| Fe/Co/Cr credits (Bijih Nikel) | None (Ni only) | Explicit Fe, Co, Cr terms with CF + thresholds | Limonite: higher HPM; Saprolite: modest lift |
| Base unit | USD/DMT (dry basis) | USD/WMT (wet basis, (1−MC) multiplier) | Lower headline; matches actual shipments |
| MC discount | Implicit / off-form | Explicit (1−MC) at end of formula | Transparent moisture accounting |
| Bauxite formula | Al2O3 only | Al2O3 credit ± R-SiO₂ deduction | Reactive silica penalized (refractory-grade metric) |
| Product coverage | ~15 minerals | 19 metal minerals + 4 coal grades | Adds Chromite Concentrate, Titanium Concentrate, more |
| HMA cadence | Monthly | Biweekly (Periode Pertama + Kedua) since Feb 2025 | Faster market-tracking |
Practical worked example. A Sulawesi saprolite with Ni 1.80, Fe 20, Co 0.08, Cr 1.5, MC 30% under 268/2025 priced roughly at USD 30/WMT (Ni-only, 17% CF). Under 144/2026 the same lift prices closer to USD 50–55/WMT — driven by (a) 30% CF for Ni and (b) new Fe + Co + Cr credits. Fastmarkets adopted this uplift in its April 2026 methodology (notice).
Cross-links. HPM · HMA · HBA · Corrective Factor (CF) · KEPMEN ESDM 144/2026 · Kementerian ESDM · Nickel deep-dive → Section 11 · How to Tokenize.