SMM News Flash: [HRC] HRC export prices increased by 3 USD/tonne month-on-month. Due to the expected tight supply of raw materials, the domestic futures market has rapidly rallied, and market inquiries have improved somewhat, but actual transactions have not seen a significant increase. [India] Indian HRC SAE1006 offers declined further by 2–5 USD/tonne to 573–575 USD/tonne CFR Vietnam. The lower offers reflected continued pressure from weak demand and aggressive competition among exporters. Market sentiment remained cautious, with buyers expecting further downside and trading activity staying limited.

One of the core objectives of the Indonesia-Philippines nickel corridor is to better connect Philippine ore resources with Indonesia’s downstream processing capacity. The report said the arrangement could strengthen feedstock security for Indonesia’s expanding HPAL and refining system, while giving the Philippines a faster route to benefit from higher-value regional exports through Indonesia’s processing hub. The initiative is also seen as a signal that Southeast Asia is seeking stronger bargaining power in the global nickel and EV battery supply chain.

Indonesia and the Philippines have formally launched a “nickel corridor” initiative during a high-level business roundtable in Cebu. The report said the cooperation is being advanced by APNI and PNIA and will focus on data sharing, cross-border investment, and ESG alignment, with the aim of moving both countries beyond raw material exports toward a more coordinated regional nickel supply chain.

Western Mines Group said hole MTD031 at the Mulga Tank Project also returned several higher-grade nickel intersections, including 6 m at 1.02% nickel from 259 m and 8 m at 0.81% nickel from 298 m. These intervals were also associated with elevated cobalt, copper, and platinum-palladium values. The results suggest deeper enriched zones may remain open and could support further delineation of higher-grade mineralisation.

Harita Nickel plans to launch a share buyback of up to Rp 1 trillion, subject to shareholder approval. The company said the move is intended to enhance shareholder value because the current share price does not fully reflect its fundamentals. Against a backdrop of volatility in nickel sector valuations, the planned buyback is also seen as a step to support market expectations and reinforce shareholder returns.

Trimegah Bangun Persada, also known as Harita Nickel (NCKL), plans to carry out a share buyback of up to Rp 1 trillion over the next 12 months after its annual general meeting on June 30, 2026. The company said the buyback is intended to support shareholder value because the current market price does not yet reflect the company’s underlying fundamentals. NCKL shares rose more than 1% to Rp 860 on Monday.