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

SMM News Flash: [Rebar] Today, export FOB prices for rebar rose slightly by about USD 2/tonne. According to market traders, inquiry activity was relatively decent, but actual transactions remained average. Some participants also noted that long steel demand in South America has been relatively stable recently, while demand in the Middle East remains weak. Regarding the US–Iran peace agreement, there has been no significant change in order flow so far, and overall market sentiment remains cautious and wait-and-see. [Billet] Today, export billet offers increased slightly by around USD 2/tonne, with prices at approximately USD 473–476/tonne FOB. Market feedback indicates that countries such as Indonesia and India are actively exporting billets, leading to intensified competition. However, domestic export price advantages are not obvious, as rising production costs are limiting steel mills’ willingness to discount, while traders are also more cautious in taking short positions. As a result, overall transaction activity remained moderate. [HRC] Today, export prices for flat steel products rose by USD 2/tonne day-on-day. Hot-rolled coil transaction prices were in the range of USD 497–506/tonne. Market inquiry activity was moderate, with no significant release of concluded deals. Recently, there have been some new inquiries for medium and heavy plate in the Middle East, with a portion of them resulting in transactions. [India] Ship-breaking scrap prices in the Alang (Gujarat) market increased by around 3 USD/tonne, with HMS (80:20) assessed at approximately 373 USD/tonne EXW. Semi-finished steel prices remained broadly stable, while finished steel saw a mild correction in the previous trading session. Market sentiment in Alang stayed subdued, as vessel arrivals remained at historically low levels. Strong freight economics continued to incentivize shipowners to extend the operating life of older vessels, limiting scrap inflows. In the near term, Alang scrap prices are expected to remain supported but constrained by tight supply conditions, with further movement largely dependent on vessel arrivals and downstream steel demand. [Thailand] Galvanizing quotes in the Thai market remained stable in the short term, with import offers still around 710 USD/tonne; however, for large-volume firm orders, the market could consider offering a discount of 5-10 USD/tonne. Wire rod quotes were also relatively stable, but some traders had to push up prices by 20 USD/tonne to 570 USD/tonne due to rising costs. In terms of local market transactions, downstream end-use demand was weak, and actual deals mostly shifted to a "negotiate deal by deal" model. It is expected that in the short term, Thai wire rod and galvanizing prices will hover at highs. Whether prices can subsequently stabilize on a solid footing will mainly depend on the release of downstream firm orders and the final bargaining and concession room offered by sellers under shipment pressure. [South Korea] Facing the approaching rainy season, South Korean builders are racing against time to push forward the final “intensive rush to meet deadlines” for foundation and main structure works, and the upward momentum of finished steel prices has slowed significantly. Today, POSCO’s two core steelworks (Pohang and Gwangyang) simultaneously raised the purchase price of high-quality pig iron scraps/premium steel scrap by 15,000 won/tonne (approximately 9.93 USD/tonne), and medium and light scrap by 10,000 won/tonne (approximately 6.62 USD/tonne), mainly to prevent domestic supply from being snapped up by other EAF steel mills before the off-season arrives. POSCO had no choice but to raise buying prices against the trend to “lock in” domestic spot cargo flows.

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.

According to foreign media reports, in response to applications from Indian Aluminium Industries Limited (IAIL) and SRF Altech, among other companies, India has decided to extend the deadline for imposing anti-dumping duties on aluminum foil with a thickness of 80 micrometers or less imported from China, Malaysia, Thailand, and Indonesia until December 15, 2026. On September 29, 2025, the Directorate General of Trade Remedies under the Indian Ministry of Commerce and Industry initiated sunset reviews of aluminum foil imports from China, Malaysia, Thailand, and Indonesia.

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.

SMM, June 12: This week, prices across the cobalt products complex continued their downward trend. Refined cobalt fell by 16,500 yuan/mt in a single week, while in the cobalt salt segment, spot quotes declined to varying degrees across the board except for cobalt sulphate, which held stable temporarily. Weak downstream demand was a key factor behind the relentless slide in prices for products along the cobalt industry chain... SMM has compiled this week's price changes for cobalt products as follows: : SMM spot price data showed that refined cobalt spot quotes moved lower this week. As of June 12, spot refined cobalt was quoted at 385,000-412,000 yuan/mt, with an average of 398,500 yuan/mt, down 16,500 yuan/mt from 415,000 yuan/mt on June 5, a decline of 3.98%. According to SMM, the price decline this week was driven by two main factors: first, during mid-week, ex-China price reporting platforms slashed the low-end price for cobalt intermediate products, weakening market sentiment and dragging down refined cobalt prices; second, this triggered forced stop-loss liquidation by some funds, further accelerating the magnitude of the pullback. From a supply-demand perspective, on the supply side, EXW prices from mainstream smelters held at 422,000 yuan/mt. After the rapid drop in refined cobalt prices, most traders suspended quoting, with only a small number of hedging traders selling limited cargoes at a slight premium to futures. On the demand side, the persistent downtrend suppressed downstream purchase willingness, with alloy and magnetic material enterprises mostly choosing to hold off on purchases and stay on the sidelines, in a "rush to buy amid continuous price rise and hold back amid price downturn" mentality. In the short term, the market is likely to remain in a volatile state under pressure; a stabilization in refined cobalt prices still depends on a return to stability in other cobalt products, particularly cobalt salts. For the raw material cobalt intermediate product, SMM spot price data showed that spot quotes for cobalt intermediate products edged down $0.1/lb this week to $24.9-25.5/lb, with an average of $25.2/lb, down 0.4% from June 5. On the supply side, quotes from mainstream miners and traders remained in the $25.5-26/lb range. Small volumes of lower-quality material changed hands at sub-$25/lb levels during the week, but the impact on mainstream prices was relatively limited given the significant quality discount and limited trading volume. In terms of shipments, the approval of Q1 2026 quotas continued to progress slowly due to complicated procedures. Coupled with tight local logistics in the DRC and the lower priority assigned to cobalt raw material shipments, the arrival of bulk cargoes at ports was further delayed, with current estimates pointing to a mass port arrival around August . In the short term, demand-side support remained weak, and prices may mainly move sideways. For the market to stabilize and strengthen going forward, it still depends on downstream demand recovery and the restoration of cobalt salt prices. Cobalt salt market ( and ): : According to SMM spot quotes, cobalt sulphate spot prices remained stable this week. As of June 12, cobalt sulphate spot quotes held steady at 88,000-92,000 yuan/mt, with an average of 90,000 yuan/mt, unchanged from June 5. In the spot market, according to SMM, the cobalt sulphate market atmosphere was sluggish this week, with the tug-of-war between upstream and downstream continuing and prices staying generally stable. On the supply side, mainstream smelters continued to hold prices firm, with the quotation range maintained at 88,000-92,000 yuan/mt. Some recycling smelters and traders, affected by cash flow pressures, lowered offers on small volumes of low-priced cargoes to 84,000-85,000 yuan/mt. On the demand side, the continued gradual price decline suppressed downstream purchase willingness, with some enterprises' target prices at only 81,000-82,000 yuan/mt, a large gap from sellers' offers that made actual transactions difficult. In the short term, cobalt sulphate prices are likely to remain in the doldrums, with market stabilization and recovery still awaiting the substantial release of concentrated downstream restocking demand. market: According to SMM spot quotes, cobalt chloride spot prices stabilized this week after falling 100 yuan/mt on June 11. As of June 12, cobalt chloride spot quotes ranged from 110,000 to 115,000 yuan/mt, with an average of 112,500 yuan/mt, a decline of 0.09% from June 5. In the spot market, according to SMM, the cobalt chloride market was overall sluggish this week. On the supply side, as the mid-year period approached, some enterprises continued to offer discounts to sell in response to performance and cash flow pressures, but downstream purchasing capacity was limited, and price cuts did not result in substantial volume increases. The market remained trapped in a passive volume discount situation. Top-tier players maintained their stance of holding prices firm, unwilling to sell at low prices, which provided bottom support for prices. On the demand side, end-user orders were weak, overall downstream stockpiling motivation was insufficient, and purchases remained wait-and-see. Overall, June cobalt chloride prices continued on a gradual weakening trend, with further downside in the short term. market: According to SMM spot quotes, the Co3O4 spot price fell by 1,500 yuan/mt on the last trading day of this week, to a range of 341,000-350,000 yuan/mt, with an average of 345,500 yuan/mt, a decline of 0.43% from 347,000 yuan/mt on June 5. Meanwhile, the Co3O4 spot market remained sluggish. From the supply-demand perspective, on the supply side, enterprises generally struggled to hold their offers, continuously selling at lower prices. However, driven by a mentality of “rush to buy amid continuous price rise and hold back amid price downturn,” successive price cuts intensified downstream wait-and-see sentiment, further suppressing purchase willingness. On the demand side, LCO producers still focused on customer-supplied materials and long-term contract deliveries, while spot demand continued to shrink, and the weak end-user market had begun to slow cargo pick-up under long-term contracts. In the short term, a market turnaround is unlikely, and against the backdrop of loosening cost support and inelastic demand, SMM expects the Co3O4 price center to continue shifting downward. In news, on corporate developments, according to Webstock Inc., on Thursday, June 11, Madagascar’s Ambatovy Mining announced that it had restarted production following a cyclone disaster in February and plans to produce 2,500 mt of nickel in June. Ambatovy added that cobalt production this month is expected to be around 250 mt. It is reported that the Ambatovy mine produces nickel briquettes and cobalt briquettes. In 2025, the mine’s nickel production was approximately 29,000 mt, and cobalt production about 2,700 mt. Tengyuan Cobalt, when responding to investor inquiries in early June, mentioned that as of the end of Q1 2026, the company already had 60,000 mt of copper product capacity and 31,500 mt in metal content of cobalt product capacity. GEM, during an investor survey on June 10, was asked “whether there is any quality difference between critical metals such as nickel, cobalt, and lithium extracted through the recycling system and those from virgin ore.” In response, GEM stated that after deep purification, the purity and performance indicators of critical metals such as nickel, cobalt, and lithium are fully consistent with the requirements of battery material production, and there is no quality difference. At the same time, the metal enrichment degree (grade) in “urban mines” such as power batteries is usually higher than that in natural mines, offering significant advantages in resource value and utilization efficiency. It is worth noting that at the , SMM Vice President Wang Cong mentioned when discussing cobalt resources that for the past several years, the DRC had always been the core supplier of global cobalt resources, but since last year's policy adjustments, Indonesia's share of cobalt production has increased significantly. Looking ahead over the next decade, the market share of cobalt contained in Indonesian MHP is expected to continue expanding, and the global cobalt supply landscape is evolving from a single-center structure centered on the DRC to a dual-center structure with both the DRC and Indonesia.

[SMM Nickel Flash] The average price of SMM 10-12% high-grade NPI declined WoW by 1 yuan/nickel unit to 1,143.1 yuan/nickel unit (ex-factory, tax included), while the average Indonesia NPI FOB index price fell WoW by $0.35/nickel unit to $147.33/nickel unit. This week, the NPI market was overall weak, with futures trends becoming the core factor affecting spot pace. Trading throughout the week was generally light, price divergences were significant, and structural gaming persisted throughout.

Philippine Market: Port inventories continued to accumulate, high freight costs coupled with smelters pushing for lower prices, ore prices faced increasing downside risks This week, CIF China quotes for Philippine nickel ore were generally flat WoW, with no significant loosening or increases across various grades. Specific quotes were: CIF China: Ni 1.3% at $49–52/wmt, 1.4% at $57–60/wmt, 1.5% at $65–67/wmt; CIF Indonesia: 1.3% at approximately $48–50/wmt, 1.4% at approximately $56–58/wmt. Supply and Weather As of June 12, Philippine nickel ore inventory at Chinese ports totaled approximately 5.77 million wmt, equivalent to around 45,300 mt in nickel metal content, up WoW as supply remained ample. Weather conditions at mining areas were relatively manageable, with no major typhoons or heavy rainfall disrupting supply chains recently. However, spot freight rates stayed high, providing minimal support for miners' FOB prices, intensifying cost pressure on miners' shipments. Some mines opted to hold off on shipments, awaiting next week's new round of bidding results before making decisions. Demand and Inventory Demand side, smelters' desire to bargain down prices remained strong, continuing to pressure miners with ample inventories, while the buyer-dominant landscape persisted. Smelters in both China and Indonesia held inventories that fluctuated at highs, with weak short-term restocking willingness and sluggish trading in the market. Considering the continued accumulation of port inventories, high freight costs squeezing miner margins, coordinated price pushing by smelters, and rising wait-and-see sentiment among miners, ore prices could edge down further in the coming weeks. Indonesian Market: Smelters' High Inventories Continued to Weigh on Prices, Premiums Showed a Narrowing Trend The HMA was unchanged at $18,799.29/mt. Theoretical HPM prices were: Ni 1.6% at approximately $70.75/wmt, 1.2% at approximately $49.84/wmt. The delivery-to-factory price for 1.6% ore was $73.8–78.8/wmt, with premiums at +3 to +8 dollars, flat WoW and significantly narrower than earlier highs. Looking ahead, with ore supply continuing to be ample and smelters' willingness to bargain down prices increasing, premiums are expected to have room to decline further. Indonesia's local ore supply was relatively abundant, with some mines taking advantage of weather windows to maximize production. According to BMKG: Sulawesi (Morowali Utara) experienced relatively dry weather with calm seas and smooth shipping; East Halmahera saw persistent rainfall with wave heights of 1.4–2.0 m; Obi had light rain with wave heights of 1.3–1.6 m, with shipment efficiency affected in both areas. This week, the saprolite ore market saw ample cargo availability and relatively active trading volumes. However, with inventories at many smelters staying at sufficient levels, the desire to push for lower prices strengthened noticeably. In some industrial parks, unloading vehicle queues appeared this week, directly reflecting the market reality of loose ore supply and persistently high delivery-to-factory volumes. Traded grades were concentrated at 1.45–1.50% Ni, while high-grade ore (≥1.6%) remained scarce. In addition, spot limonite ore was priced at approximately $26–34/wmt, with the price range widening. The market exhibited some divergence, with select transactions at lower prices and a few at higher levels, as the overall center shifted slightly lower WoW, mainly dragged down by high freight costs. The discount to the theoretical HPM price remained deep and detached. Sulphuric acid supply stayed relatively tight, HPAL operating rates were low, and purchasing prices for limonite ore remained under pressure. Policy Developments Newly approved RKAB for nickel ore were relatively rare this week, with the market widely expecting more approvals to be released in July. Meanwhile, Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia stated that the government would implement an "orderly and flexible" policy for 2026 mineral and coal RKAB, where production quota adjustments would be linked to global commodity price trends and domestic industrial demand—moderately expanding production when prices rise and tightening promptly when prices are under pressure to maintain supply-demand balance. This statement reserved policy space for within-year quota revisions, warranting ongoing market attention to the release periods of subsequent official documents. The DSI takeover mechanism for ferroalloy exports entered a transition period on June 1, with NPI (HS 7202.60.00) highly likely to be included; Harita’s PT Trimegah had already completed the first DSI single-window export declaration, with smooth operations. The government was simultaneously pushing forward a strict crackdown on under-invoiced contracts, with relevant departments set to consult with industry associations to close loopholes.