Indonesia's Nickel Reference Price Falls 1.02% in January 2025

The Indonesian Ministry of Energy and Mineral Resources (ESDM) set the benchmark price for Indonesian nickel at US$15,660 per dry metric tonne (dmt) in January 2025.

This benchmark is a 1.02% decrease from December 2024, which was US$15,822.95 per dmt.

A decrease was also observed year-on-year (yoy), down 4.32% from January 2024's US$16,368 per dmt.

This benchmark price was established through Indonesian Minister of Energy and Mineral Resources Decree (Kepmen ESDM) Number 21.K/MB.01/MEM.B/2025 concerning the Reference Price for Metal Minerals and Coal for January 2025, on January 22, 2025.

Nickel Prices Potentially to Plummet

*Katadata* reports that Donald Trump's revocation of the United States' electric vehicle mandate will impact raw materials for electric vehicles, including potentially causing a drop in nickel prices.

Bhima Yudhistira Adhinegara, Executive Director of the Center of Economic and Law Studies (Celios), stated that Trump's policy revoking the electric vehicle mandate will have several impacts on Indonesia. The policy will cause a decrease in demand for critical minerals used as raw materials for electric vehicles.

"Not only will nickel prices fall, but also copper, tin, and bauxite," he told *Katadata* in a Sunday (26/1/2025) interview.

Bhima stated that the change in commodity prices is not yet reflected in the market because purchase contracts are still ongoing. However, within the next two months, changes in the business plans of electric vehicle companies in the US risk altering supply contracts for raw materials.

(Read *Katadata*: [Nickel Prices Potentially to Plummet After Trump Revokes Electric Vehicle Mandate](https://katadata.co.id/berita/industri/6795f41d311e2/harga-nikel-berpotensi-terjun-bebas-setelah-trump-cabut-mandat-kendaraan-listrik))