From June 3 to June 5, Indonesia Critical Minerals 2026 was held at the Pullman Jakarta Central Park in Jakarta, Indonesia. The conference was organized by Shanghai Metals Market (SMM) and co-organized by the Indonesia Nickel Miners Association (APNI) , the Ministry of Foreign Affairs of the Republic of Indonesia , the National Economic Council of Indonesia , and MMR , in a strategic partnership with the Jakarta Futures Exchange . The conference featured six dedicated forums: the main forum, the nickel and cobalt forum, the tin forum, the coal & energy transition forum, the aluminum forum, and dedicated sub-forums, attracting 3,500+ attendees from 45 countries and regions worldwide, featuring more than 120+ speakers sharing insights on market prices, supply-demand patterns, industry policies, low-carbon development, and ESG development, etc. Conference Background As the largest economy in Southeast Asia, Indonesia is accelerating its energy transition and green, low-carbon development, presenting strategic opportunities for the PV and energy storage industry. To realize its 2060 carbon neutrality vision, the Indonesian government has issued a national energy plan that explicitly sets a target of 100 GW of PV installations by 2030. At the same time, Indonesia's resource-based industries such as nickel ore are concentrated, and mining enterprises face increasingly stringent ESG compliance requirements and pressure for sustainable transformation. Coupled with the challenges of accelerating domestic industrialization and persistently tight power supply, equipping mines with PV and energy storage systems has become a core pathway to addressing power shortages, reducing carbon emissions, and controlling energy costs. Market demand is being rapidly unleashed, creating vast opportunities for future industrial cooperation. Against this backdrop, SMM has organized a Coal & Energy Transition Forum at this conference, aiming to gather industry elites and jointly explore new opportunities for PV+ESS development in Indonesia. 》Click to view the conference live photo coverage June 4: Coal & Energy Transition Forum Keynote Speeches Keynote Speech: The Future of Renewable Energy for Mining Contractors in Indonesia Guest Speaker: Bambang Tjahjono, Executive Director of ASPINDO Panel Discussion: The Indonesia 2060 Net-Zero Roadmap: The Role and Transition Pathway for the Mining Sector Moderator: Verena Streitferdt, Director, Tri Hita Consulting Panelists: Alfonsius Ariawan, Mining & Metals Lead, Indonesia, dss+ Yan Yan Muhammad Achdiansyah, Innovative Project Manager for Asia Pacific, HDF Energy Ardhi Ishak, Chairman of Industry Relations & Industry Associations, PERHAPI (Association of Indonesian Mining Professionals) Keynote Speech: Banking on the Transition: Sustainable Finance Solutions for Indonesia’s Mining and Energy Sector Guest Speaker: Dendi Ramdani, Vice President for Industry and Regional Research, PT Bank Mandiri (Persero) Tbk. [Panel Discussion] Reshaping the Role of Coal: Balancing Indonesia's Energy Security and Just Transition Moderator: Muhammad Saly Putra, Head of Marketing, MMS Resources Panelists: Putra Adhiguna, Managing Director, Energy Shift Institute Anton Frian Yohanes Reynaldo, Global Relations Team, Badan Pengaturan Badan Usaha Milik Negara (BP BUMN) Gita Mahyarani, Executive Director, APBI-ICMA Emmanuel Jefferson Kuesar, Chief Executive Officer, Sun Energy Ardhi Ishak, Chairman of Industry Relations & Industry Associations, PERHAPI (Association of Indonesian Mining Professionals) Keynote Speech: Shifting Global Demand: Capturing Emerging Markets in South Asia Guest Speaker: Vasudev Pamnani, Director, iEnergy Natural Resources Limited Executive Roundtable – Margin Protection Strategies: Managing High Production Costs, Royalty Hikes, and Domestic Pricing Caps Moderator: Kevin Triadi Gunawan, Country BD Manager, Argus Panelists: Suryo Suwignjo, CEO, PT Titan Infra Sejatera Ashok Mitra, Senior Advisor, Bakrie Capital Indonesia FH Kristiono, CEO, UCoal Keynote Speech: The Cost of Compliance: Balancing Cash Flow and Strategic Investment Amidst RKAB Quota Cuts and DMO Burdens Speaker: Subhashish Datta, CFO, Kaltim Prima Coal June 5 Coal & Energy Transition Forum Keynote Speeches Panel Discussion: Vision to Leverage 100GW of Solar - What are the Opportunities and Challenges Moderator: Tengku Zulchairi P., Indonesia Sales Manager, LONGi Solar Panelists: Dr. Farid Wijaya, Manager of Sectoral Decarbonization Research, Institute for Essential Services Reform (IESR) Eka Himawan, Co-Founder & Managing Director, Xurya Daya Indonesia Johan Hadi Wardoyo, Chief Commercial Officer, PT Trina Mas Agra Indonesia Keynote Speech: Navigating the Cycles: The Evolution of Global PV Supply Chains and Its Strategic Impact on Indonesia Speaker: Ryan Tey Tze Yang, PV Analyst, Shanghai Metals Market Keynote Speech: From Ambition to Action: AESI's Roadmap for Solar deployment in Indonesia's Critical Minerals Sector Speaker: I Made Aditya Suryawidya, Vice Chairman of Research and Technology, Asosiasi Energi Surya Indonesia (AESI) Panel Discussion: Hybrid Energy Systems: Designing the Optimal Mix of Solar, Storage, and Diesel for Mega-Mines Moderator: Ryan Tey Tze Yang, PV Analyst, Shanghai Metals Market Panelists: Eka Satria, CEO, Medco Power Indonesia Ricky Cahya Andrian, Vice President of Decarbonization Business Development and Energy Management, PT PLN (Persero) Karina Darmawan, Chief Executive Officer, SUN Mobility Muchtazar, Head of Sustainability, Nickel Industries Limited Nian Gao, Director, Microgrid Solution Department, Sungrow Keynote Speech: EV Infrastructure & Energy Storage: The Final Piece of the Mining Decarbonization Puzzle Speaker: Christopher Marvel, Country Business Development Manager - Indonesia, StarCharge Mining carbon emissions are typical operational emissions, with emission sources spanning the entire operational chain of a mine. Mine decarbonization cannot be achieved solely through carbon disclosure, carbon offsets, or green procurement. Daily production activities such as transportation and turnaround, captive power supply, crushing and grinding, mine ventilation, and process electricity are the core carriers of carbon emissions. The core challenge for the industry today is to steadily reduce carbon emission intensity against a backdrop of growing demand for minerals. This requires a systematic restructuring of the mine’s overall energy system, rather than simply replacing fuels for individual equipment. Diesel-powered transport is the key battleground for carbon reduction in mines Various types of mobile equipment are the key targets for carbon emission monitoring. The average annual fuel consumption of a single mining truck is close to one million liters. For open-pit mines, fuel consumption is closely linked to haul distance, road gradient, payload, dispatch management, and vehicle idling. Therefore, the transport phase becomes the optimal breakthrough point that balances carbon reduction and production efficiency. The electrification of mining trucks is not a technical bottleneck; the real key lies in whether the supporting core infrastructure, such as charging and energy storage, can enable the equipment to operate at full capacity and ensure that production is not affected. The global fleet of large mining haul trucks numbers about 28,000 units, and is still predominantly diesel-powered. According to RMI estimates, the average annual diesel consumption of a single truck reaches 900,000 liters; energy consumption by haul vehicles accounts for 30%–50% of total mine energy use, corresponding to annual CO2 emissions from the global fleet of approximately 68 million mt. Keynote Speech: From Blueprint to Site: Engineering Practices for High-Availability PV-Storage Microgrids in Indonesia’s Tropical Rainforests Guest Speaker: Frank Qi, CEO, AI Power (Suzhou) Tech. Co., Ltd. Suryawan Teddy, Director of ATW Solar Panel Discussion: What Will Drive the Next Wave of Industrial Solar in Indonesia? Moderator: Eric C. Listyosuputro, Partner, EY-Parthenon Indonesia Panelists: Jannata (Egi) Giwangkara, Country Lead – Indonesia, Climateworks Zidny Ilman, Associate Vice President of Public Policy and Government Relations, Suryanesia

The global stainless steel market navigated a series of sharp sentiment. The opening weeks saw Indonesia's mill closures and price hikes push the cost narrative to its highest point of the year, before a combination of easing geopolitical tensions triggered the first price reduction since December 2025. The month's defining characteristic was similar to April's. What differentiated May was the sharply higher amplitude of both the policy signals and the emotional swings that accompanied them.

[SMM Nickel News] June 15 update: Floor trading still mainly adopts the futures average price plus premium model, and spot cargo liquidity is tightening. Overall, with futures stabilizing and market sentiment recovering, suppliers' willingness to hold prices firm is strengthening, but downstream procurement pace is cautious, and landing of high-priced supply still faces resistance. In the short term, the market may continue the trend of firm offers and mild trading game.

SMM June 15 News: Metal market: As of the midday close, domestic base metals moved higher across the board. SHFE copper rose 1.35%, SHFE tin rose 4.35%. SHFE nickel rose 1.27%, SHFE aluminum rose 0.31%, SHFE zinc rose 2.37%, SHFE lead rose 1.21%. Additionally, the most-traded cast aluminum futures contract rose 0.67%, while the most-traded alumina contract edged lower. The most-traded lithium carbonate contract fell 1.8%, the most-traded silicon metal contract rose 0.29%, and the most-traded polysilicon futures contract rose 0.67%. Ferrous metals rose broadly, with iron ore up 0.39%, rebar up 0.41%, hot-rolled coil up 0.5%, and stainless steel up 1.54%. Coking coal and coke: The most-traded coking coal contract fell 1.97%, and the most-traded coke contract rose 1.06%. Overseas base metals: As of 11:38, LME metals nearly all rose. LME copper rose 0.89%, LME aluminum fell 0.17%, LME lead rose 0.56%, LME zinc rose 0.85%, LME tin rose 2.35%, LME nickel rose 1.12%. Precious metals: As of 11:38, COMEX gold rose 2.47%, COMEX silver rose 3.52%. Domestic precious metals: The most-traded SHFE gold contract rose 4.58%, and the most-traded SHFE silver contract rose 7.93%. Furthermore, as of the midday close, the most-traded platinum futures contract rose 2.67%, and the most-traded palladium futures contract rose 2.36%. As of the midday close, the most-traded Europe route container shipping futures contract fell 3.44% to 3,773.5 points. As of 11:38 on June 15, some futures midday market quotes: Spot and Fundamentals Zinc: Today, mainstream transaction prices for #0 zinc were concentrated at 24,650-24,885 yuan/mt, Shuangyan mainstream transactions were at 24,740-24,945 yuan/mt, and #1 zinc mainstream transactions were at 24,580-24,815 yuan/mt. In early trading, market quotes against SMM’s average price were at premiums of 10-30 yuan/mt, with no quotes against the futures price yet... Macro Front Domestic: [NDRC and Other Departments: Launching a Three-Year Campaign for Key Industries’ Energy-Saving and Carbon-Reducing Transformation] The National Development and Reform Commission (NDRC) and other departments have decided to organize a three-year campaign for energy-saving and carbon-reducing transformation in key industries, including steel, aluminum, cement, flat glass, oil refining, ethylene, synthetic ammonia, methanol, and coal-fired power. It was mentioned that key industries have large-scale and high-intensity energy consumption and carbon dioxide emissions, making them the top priority for improving energy efficiency, reducing coal consumption, and lowering carbon emissions. Starting from 2026, nine key industries—steel, aluminum, cement, flat glass, oil refining, ethylene, synthetic ammonia, methanol, and coal-fired power—will be the focus of a three-year initiative to fully implement energy-saving and carbon-reduction retrofits. This aims to drive enterprises to elevate their energy and carbon efficiency levels as much as possible, leading to a marked improvement in the green and low-carbon development of these industries. Beginning in 2028, the scope of implementation will be further expanded based on practical circumstances, with additional industries advanced in a phased manner. All regions may proceed in an orderly fashion as needed, based on local conditions. [PBOC Reverse Repo Injects Net 206.5 Billion Yuan Today] The PBOC conducted a 425 billion yuan 7-day reverse repo operation in the open market at an interest rate of 1.40%, unchanged from the previous day. Today, 218.5 billion yuan in reverse repos matured. US Dollar: As of 11:38, the US dollar index fell 0.27% to 99.53. Easing tensions in the Middle East led the market to scale back bets on US Fed interest rate hikes. Interest rate swaps showed traders now see a roughly 60% probability of the Fed raising rates by 25 basis points before December, down from about 80% last Friday. (Jinshi Data APP) Additionally, according to the CME "FedWatch" tool: The probability of the Fed holding interest rates steady in June is 98.5%, with a 1.5% chance of a cumulative 25-basis-point cut. The probability of holding rates steady through July is 91.3%, with a 7.4% chance of a cumulative 25-basis-point hike and a 1.4% chance of a cumulative 25-basis-point cut. (Jinshi Data APP) On the data front: US consumer confidence rebounded for the first time in four months in early June, as lower gasoline prices offered some relief to Americans grappling with surging inflation. A survey released Friday showed the University of Michigan's preliminary consumer sentiment index for June rose to 48.9 from May's record low of 44.8. Economists had expected a modest recovery to 46. Consumers anticipated prices would rise 4.6% YoY over the next year, down from 4.8% in May. They also projected costs would climb at an average annual rate of 3.4% over the next five to ten years, also below the prior month's expected increase. Although gasoline prices remain higher than pre-Ukraine war levels, the decline in recent weeks has lessened pessimism about personal finances among Americans. The report showed a notable improvement in sentiment among lower-income consumers, who typically allocate a larger share of their budgets to fuel costs. Nevertheless, against the backdrop of the Iran war and the resulting wave of inflation, overall economic sentiment remains at historically depressed levels. Survey Director Joanne Hsu stated, "While there has been some relief, gasoline prices still have a significant impact on consumers. As a result, current price levels remain broadly unacceptable to consumers and have dampened their view of the economy." (Jin10 Data APP) Data: Today will see the release of Switzerland’s May Consumer Confidence Index, the Eurozone’s April seasonally adjusted trade balance, Eurozone April industrial production MoM, Canada April wholesale sales MoM, the US June Empire State manufacturing index, US May industrial production MoM, the US June NAHB Housing Market Index, and China’s May total electricity consumption YoY (to be determined), among other data. Attention should also be paid to: ECB President Lagarde’s speech; the National Energy Administration’s release of total electricity consumption data around the 15th of each month; and the opening of the G7 summit, which runs through June 17. Crude Oil: As of 11:38, oil prices on both sides of the Atlantic fell sharply, with WTI down 5.58% and Brent down 4.76%. A US-Iran peace agreement is expected to be signed soon, easing market concerns over crude supply and putting oil prices under pressure. According to Xinhua News Agency, US President Trump stated on social media on the 14th that with the signing of the US-Iran agreement on the 19th, the Strait of Hormuz will be reopened for mine-clearing operations. Iran’s Deputy Foreign Minister also indicated that an immediate and permanent halt to military operations on multiple fronts, including in Lebanon, will be announced starting tonight. Patrick DeHaan, head of petroleum analysis at GasBuddy, said the US nationwide average gasoline price fell below $4 per gallon on Sunday for the first time since April 20. He expects that in an optimistic scenario, the nationwide average price could fall below $3.75 per gallon before July 4, but the hurricane season could be a major variable in the latter half of the summer. " The coming weeks are critical—any major misstep could significantly impact the subsequent oil price trajectory." (Wall Street CN) Spot Market at a Glance: ► ► ► ► ► ► ► ► ► ► ► ►

SMM Nickel Jun 15 News: Macro and Market News: (1) As the Iran war neared the four-month mark, US-Iran peace talks achieved a breakthrough. The US, Iran, and key mediator Pakistan all indicated that an agreement had been reached and would be formally signed in Switzerland this Friday. (2) The People's Bank of China announced that on the 15th, it would conduct a 600 billion yuan outright reverse repo operation with a 6-month (183-day) tenor, using a fixed quantity, rate tender, and multiple-price auction method. Given that 600 billion yuan of this tenor matured during the month, this 6-month outright reverse repo operation was a full rollover. Spot Market: On Jun 15, SMM #1 refined nickel prices rose by 500 yuan/mt from the previous trading day. For spot premiums, Jinchuan #1 refined nickel averaged 1,650 yuan/mt, down 100 yuan/mt from the previous trading day, while the mainstream domestic electrodeposited nickel range was -500-400 yuan/mt. Futures Market: The most-traded SHFE nickel 2607 contract strengthened throughout the morning session, closing the morning at 136,120 yuan/mt, up 1.27%. The US and Iran reached a memorandum of understanding in Islamabad, extending the US-Iran ceasefire by 60 days. The Strait of Hormuz is about to reopen, and both sides have declared an end to hostilities and will formally sign the agreement this Friday. The recovering macro sentiment supported a collective rebound in non-ferrous metals prices; however, the extent of the nickel price rebound remained capped by inventory, with nickel prices expected to range between 133,000-140,000 yuan/mt.

According to SMM data, on June 15, the SMM battery-grade nickel sulphate average price was up 10 yuan/mt from last Friday.

According to SMM data, on June 15, the FOB price of Indonesian MHP nickel dropped by $171/mt Ni from last Friday, the FOB price of Indonesian MHP cobalt dropped by $41/mt Co, and the FOB price of Indonesian high-grade nickel matte dropped by $171/mt Ni.

As of now, the Indonesia MHP nickel FOB price is $16,398/mt Ni, and the Indonesia MHP cobalt FOB price is $51,302/mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) is 85-86, and the MHP cobalt element payable indicator (against SMM refined cobalt (Rotterdam warehouse)) is 95. The Indonesia high-grade nickel matte FOB price is $16,485/mt Ni.

On June 15, the SMM battery-grade nickel sulphate average price slightly rose.

On June 15, the SMM #1 refined nickel price increased by 500 yuan/mt from the previous trading day. Regarding spot premiums, the average Jinchuan #1 refined nickel was 1,650 yuan/mt, down 100 yuan/mt from the previous trading day, while the range for mainstream domestic electrodeposited nickel brands was -500 to 400 yuan/mt.