After Strengthening, Nickel Prices Fall at the End of the First Semester of 2024

Global nickel prices rose for four consecutive months from February to May 2024. However, prices weakened thereafter.

According to World Bank data, in June 2024, the average price of nickel with a minimum purity of 99.8% on the London Metal Exchange (LME) reached US$17,498/ton.

This price is down 10.7% compared to May 2024 (month-on-month), and 17.6% lower than in June of the previous year (year-on-year).

The World Bank generally predicts that nickel prices will fluctuate throughout this year, averaging US$17,000/ton.

This figure is down 21% compared to the average price in 2023, which reached US$21,521 per ton.

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," stated the World Bank in its April 2024 Commodity Markets Outlook report.

"The increase in nickel production largely comes from Indonesia and reflects a surge in smelter investment, mostly from China," it continued.