Nickel matte, NPI gain while FeNi and MHP weaken in Jan-Apr exports

By Pandu Setiabudi

Indonesia's intermediate nickel product exports posted mixed results in the first four months of 2026, with nickel matte and nickel pig iron (NPI) recording strong growth, while ferronickel (FeNi) and mixed hydroxide precipitate (MHP) remained under pressure, according to data from the Central Statistics Agency (BPS).

Ferronickel

Indonesia's ferronickel exports (HS Code 72026000) reached 879.2 thousand tonnes in April 2026, edging up 0.4% from the previous month. However, the volume was still down 9.5% compared with April 2025. Export value stood at US$1.40 billion, increasing 1.7% month-on-month but declining 1.6% year-on-year. During January-April 2026, FeNi exports totaled 3.43 million tonnes, down 8.9% from the same period a year earlier. Export value reached US$5.14 billion, representing a 2.6% YoY decline.

China remained the dominant market, absorbing 3.36 million tonnes, or about 98% of cumulative exports. Korea Republic followed with 55.9 thousand tonnes, while India and Taiwan accounted for relatively minor volumes. On the export origin side, Weda remained the largest shipping point with 1.16 million tonnes during the first four months of the year. Kendari, Obi Island, and Morowali followed with 806 thousand tonnes, 662 thousand tonnes, and 415 thousand tonnes, respectively.

In 2025, Indonesia exported 11.56 million tonnes of FeNi valued at US$16.39 billion, with nearly all shipments destined for China.

Nickel pig iron

Nickel pig iron exports (HS Code 72015000) posted strong growth in April 2026. Export volume reached 35.3 thousand tonnes, up 26.3% from March and surging 81.6% from a year earlier. Export value climbed to US$45.2 million, rising 44.1% month-on-month and 113.0% year-on-year. Despite the strong monthly performance, cumulative January-April exports still showed a 7.9% YoY decline in volume to 85.0 thousand tonnes. Export value, however, increased 3.1% to US$102.1 million.

Read also: Indonesia exempts NPI from centralised export policy

China remained the primary destination, importing 84.0 thousand tonnes or nearly 99% of Indonesia's total NPI exports during the first four months of 2026. The remainder was shipped to India and Taiwan in relatively small quantities. Kendari was the leading export gateway with cumulative shipments of 38.5 thousand tonnes, slightly ahead of Kolonodale at 35.2 thousand tonnes.

Throughout 2025, Indonesia exported 191.7 thousand tonnes of NPI worth US$206.6 million.

Nickel matte

Nickel matte exports (HS Code 75011000) totaled 46.7 thousand tonnes in April 2026. While the figure was down 3.0% from March, it remained 147.6% higher than in April 2025. Export value reached US$522.2 million, up 191.3% year-on-year. For January-April 2026, nickel matte exports amounted to 157.3 thousand tonnes, representing a 91.7% increase from the same period last year. Export value surged 123.6% to US$1.72 billion.

China imported 127.4 thousand tonnes, accounting for about 81% of cumulative exports, while Japan represented the remaining 19%. Weda was the largest export origin with 65.6 thousand tonnes, followed by Bahodopi with 55.4 thousand tonnes. Malili and Kolonodale also served as important export routes for the product.

In 2025, Indonesia exported 307.1 thousand tonnes of nickel matte valued at US$2.95 billion.

Mixed hydroxide precipitate

Indonesia's mixed hydroxide precipitate exports (HS Code 75012000) reached 105.5 thousand tonnes in April 2026, down 21.5% from March and 21.6% from April 2025. Despite the decline in volume, export value rose 46.3% year-on-year to US$515.3 million. Cumulative January-April 2026 exports totaled 523.5 thousand tonnes, down 15.7% compared with the same period last year. In contrast, export value increased 33.2% to US$2.08 billion.

China remained the dominant market, importing 510.0 thousand tonnes or roughly 97% of total MHP export volume. Korea Republic ranked as the second-largest destination, although at a much smaller scale. Bahodopi served as the leading export hub with 214.6 thousand tonnes during January-April, followed by Weda and Obi Island with 162.3 thousand tonnes and 146.6 thousand tonnes, respectively.

In 2025, Indonesia exported nearly 2 million tonnes of MHP valued at US$5.41 billion

Editing by Reiner Simanjuntak