diff --git a/platform/mellanox/hw-management.mk b/platform/mellanox/hw-management.mk
index ff1ea207572d..692a816a0f4f 100644
--- a/platform/mellanox/hw-management.mk
+++ b/platform/mellanox/hw-management.mk
@@ -1,6 +1,6 @@
 # Mellanox HW Management
 
-MLNX_HW_MANAGEMENT_VERSION = 7.0000.2308
+MLNX_HW_MANAGEMENT_VERSION = 7.0000.3012
 
 export MLNX_HW_MANAGEMENT_VERSION
 
diff --git a/platform/mellanox/hw-management/hw-mgmt b/platform/mellanox/hw-management/hw-mgmt
index 28d83cdb3565..2f659142ab3b 160000
--- a/platform/mellanox/hw-management/hw-mgmt
+++ b/platform/mellanox/hw-management/hw-mgmt
@@ -1 +1 @@
-Subproject commit 28d83cdb3565d3b0352cc718fe82a14cacd1d4a5
+Subproject commit 2f659142ab3b4deb58989a2ca38b0b1671600509