Nickel trading on the London Metal Exchange (LME) fell 0.0% over the past two days, reaching US$21,450 per ton. On Tuesday, September 6, 2022, the nickel price remained at US$21,450 per ton. However, transactions on Wednesday, September 7, 2022, saw the nickel price for the next 3-month contract traded at US$21,450 per ton.
This price represents a US$0 difference compared to the previous day's close. The nickel price decline is due to supply and concerns about Russian supply. Russia supplies approximately 10% of the world's nickel needs. Furthermore, the Russian invasion of Ukraine has triggered a decline in global nickel prices.
Nickel is a key component in stainless steel production and a primary material in electric vehicle batteries. Meanwhile, the Indonesian benchmark nickel price currently stands at US$22,504 per ton. Indonesia is the country with the world's largest nickel ore reserves.
The nickel price at the end of last year was still at US$20,190 per ton, but as of Wednesday, September 7, 2022, it has increased by 5.87% year-to-date (YTD).