Xinjiang Xinxin Mining (03833) saw its shares rise more than 9%, climbing 9.22% to HK$2.37 by the time of writing, with a trading turnover of HK$28.69 million. The increase follows reports that Indonesia's Ministry of Energy and Mineral Resources held a meeting on April 13 to revise the country's nickel ore benchmark price formula. The adjustment coefficient for nickel ore with 1.6% grade was raised from 17% to 30%, with the coefficient decreasing or increasing by 1% for every 0.1% change in nickel content. CITIC Futures noted that the revision to the nickel ore pricing mechanism exceeded market expectations and is expected to provide stronger-than-anticipated support to costs across the nickel supply chain. While nickel prices are projected to remain firm, upside potential may be limited by high inventory levels, with market observers closely watching for a definitive inventory turnaround. Xinjiang Xinxin Mining recently reported its annual results, with revenue reaching RMB2.561 billion, up 11.7% year-on-year, and net profit attributable to shareholders rising 5.6% to RMB194 million. The growth was mainly driven by increased sales volumes and higher prices of products such as electrolytic nickel, cathode copper, precious metal materials, electrolytic cobalt, and sulfuric acid. Notably, sales of electrolytic nickel in 2025 totaled approximately 12,585 tons, representing a year-on-year increase of about 25.9%.