European Resources Company, listed on the Australian Securities Exchange, has significantly expanded the Mineral Resource Estimate (MRE) for its Korsnäs rare earth project in Finland, with inferred resources of 15.4 million mt at a grade of 1% total rare earth oxides (TREO) and a cut-off grade of 0.5% TREO. In less than a year and a half, the Korsnäs MRE has more than doubled, driven by the expansion of the geological and assay database, the incorporation of new drilling data and assay results, and the refinement of the geological model.

SMM Nickel News, April 17: Macro and market news: (1) On April 17, the State Council Information Office held a press conference in the "Getting Started on the 15th Five-Year Plan" series, introducing the promotion of high-quality economic and social development during the 15th Five-Year Plan period. The NDRC stated it would focus on expanding effective domestic demand and formulate an implementation plan for the strategy to expand domestic demand from 2026 to 2030. (2) Trump said Lebanon and Israel agreed to a 10-day ceasefire; the Israeli PM agreed to the ceasefire and said troops would remain stationed in southern Lebanon; the Lebanese PM welcomed Trump's ceasefire announcement. Spot market: On April 17, SMM #1 refined nickel prices rose 750 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 2,350 yuan/mt, down 200 yuan/mt from the previous trading day; domestic mainstream brand electrodeposited nickel premiums ranged from -700-600 yuan/mt. Futures market: The most-traded SHFE nickel 2605 contract surged sharply in the morning session, touching 145,000 yuan/mt, and closed at 143,730 yuan/mt, up 1.54%. Indonesia's Ministry of Energy and Mineral Resources (ESDM) officially confirmed the implementation of the revised nickel ore benchmark price (HPM) calculation formula starting April 15, 2026, which is expected to significantly raise the floor support for nickel prices, driving a sharp rally. In the short term, nickel prices are expected to hold up well on sentiment following the release of the new pricing formula. Going forward, attention should be paid to the actual cost increase after the implementation of Indonesia's new HPM formula.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,240.5/mt, fluctuated upward to a high of $13,295/mt in early trading, then the copper price center dropped sharply to $13,182.5/mt, followed by wild swings, and finally closed at $13,242/mt, down 0.26%, with trading volume at 17,000 lots and open interest at 287,000 lots, a decrease of 2,451 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 102,350 yuan/mt, rose to 102,510 yuan/mt in early trading, then the copper price center dropped sharply to 101,700 yuan/mt, before fluctuating upward to finally close at 102,290 yuan/mt, down 0.09%, with trading volume at 28,500 lots and open interest at 174,000 lots, an increase of 820 lots from the previous trading day, indicating bears adding positions.

Indonesia’s Ministry of Energy and Mineral Resources (ESDM) revised the HPM nickel ore formula in Quarter 2 of 2026, significantly raising the adjustment factor and including cobalt, iron, and chromium in pricing for the first time. This shift will increase base prices across all grades, particularly for low-grade ores used in hydrometallurgy, placing heavy cost pressure on the stainless steel and new energy industries. Supply remains tight due to delayed mining quota approvals and rising refining costs. Following the policy signal, international nickel futures have surged through key resistance levels. Analysts suggest that high raw material costs may become the new norm, with potential for further price hikes if refined nickel output drops or policy impacts exceed market expectations.

Shanxi Province recently issued the Outline of the 15th Five-Year Plan for National Economic and Social Development of Shanxi Province. The Outline proposes to focus on developing high-end products such as special steel, aluminum-magnesium lightweight structural components, and high-end copper alloy strips and sheets. The province is expected to advance exploration of bauxite, dolomite, iron ore, copper ore, gold ore, graphite ore, high-purity quartz, and helium, and enhance the supply security of strategic mineral resources. The plan also encourages the vigorous development of recycled metals and supports enterprises in establishing scrap recycling systems.

Nickel 28 Capital Corp. said on April 15 that the operator of Papua New Guinea's Ramu nickel-cobalt project has submitted a Phase 2 expansion plan to the country's Mineral Resources Authority. The $1.6 billion project could double Ramu's capacity if completed, but still requires government approval of mining leases and permits. Under the joint venture agreement, majority shareholder MCC must make a fair-market-value buyout offer to minority shareholders including Nickel 28. Minority holders who decline can either fund their share of expansion costs or face gradual equity dilution. CEO Craig Lennon said Ramu's operations are stable and MCC is experienced. The company will evaluate all options under the agreement to maximize shareholder value.