APNI launches Indonesia Metals Exchange to set domestic nickel prices

In a strategic move to establish local price benchmarks, the Indonesian Nickel Miners Association (APNI) is launching the Indonesia Metals Exchange (IME) in 2025.

This initiative aims to reduce Indonesia's reliance on international benchmarks like the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE). As the world's leading nickel exporter with substantial reserves, Indonesia has traditionally used global prices to guide its nickel and mineral commodity sales.

APNI Secretary General Meidy Katrin Lengkey announced the IME plan at the 2024 International Battery Summit in Jakarta, highlighting the success of the Indonesia Nickel Price Index (INPI) despite its non-regulatory status. The IME will provide a transparent, domestically controlled price index, offering clearer insight into producers and buyers while aligning with national revenue and regulatory objectives.

The announcement has already impacted nickel markets, with significant price increases observed. Nickel prices surged by over 5.6% on the SHFE and 2.4% on the LME, reflecting immediate market reactions to the news.