Nickel Price Falls 5.43% to US$23,300 per Ton

Nickel trading on the London Metal Exchange (LME) fell 5.43% in the last two days, dropping to US$23,300 per ton. On Thursday, September 22, 2022, the nickel price was still at US$24,565 per ton. However, transactions on Friday, September 23, 2022, saw the nickel price for the next 3-month contract traded at US$23,300 per ton.

This price represents a difference of US$1,265 compared to the previous day's closing price. The nickel price decline is due to inventory levels 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$22,059 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 by Friday, September 23, 2022, it had increased by 13.35% year-to-date (YTD).