Indonesia's Nickel Reference Price Increased by 8.52% in June 2024

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Erlina Fury Santika 25/06/2024 12:50 WIB

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The Ministry of Energy and Mineral Resources (ESDM) sets the nickel reference price at US$18,962.11 per dry metric ton (dmt) in June 2024. This is an 8.5% increase from the previous month.

Indonesia Nickel Price Reference (June 2023 - June 2024)

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Indonesia's Nickel Reference Price Increased by 8.52% in June 2024

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Indonesia Nickel Price Reference (June 2023 - June 2024)

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The Indonesian Ministry of Energy and Mineral Resources (ESDM) set the benchmark price of nickel at US$18,962.11 per dry metric tonne (dmt) in June 2024.

This figure represents a significant 8.52% increase from May 2024, when the price was US$17,472.38 per dmt.

The upward trend continued from April 2024, when nickel prices rose sharply by 8.75% to US$17,424.52 per dmt, compared to US$16,021.67 per dmt in March 2024.

This benchmark price was established through Indonesian Minister of Energy and Mineral Resources Regulation No. 131.K/MB.01/MEM.B/2024 concerning the Benchmark Price of Metal Minerals and Coal for June 2024, on June 19, 2024.

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Global Nickel Prices Rise

Global nickel prices rose for four consecutive months from February to May 2024. According to World Bank data, in May 2024, the average price of nickel with a minimum purity of 99.8% on the London Metal Exchange (LME) reached US$19,586.98 per tonne.

Compared to the beginning of the year, the global nickel price in May 2024 increased by 21.6% (year-to-date).

However, compared to May of the previous year, the price was still 10.8% lower (year-on-year).

The World Bank also projects that nickel prices this year will fluctuate, with an average price of around US$17,000 per tonne, 21% lower than the average price in 2023, which reached US$21,521 per tonne. According to the World Bank, the decline in nickel prices is partly due to increased supply.

"Global nickel production is expected to increase in 2024, despite some mine closures in response to persistently lower nickel prices, which have fallen by almost 40 percent since 2022," wrote the World Bank in its April 2024 Commodity Markets Outlook report.

The World Bank also stated that the increase in nickel production largely comes from Indonesia. "This reflects a surge in smelter investment, mostly from China," wrote the World Bank.

(Read also: [link removed])

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."