Nickel Price Falls 4.27% to US$ 21,675 per Ton

Nickel trading on the London Metal Exchange (LME) fell 4.27% in the last two days, reaching US$21,675 per ton. On Friday, July 22, 2022, the nickel price was still at US$22,600 per ton. However, transactions on Monday, July 25, 2022, saw the price of nickel for the next 3-month contract traded at US$21,675 per ton.

This price represents a difference of US$925 compared to the previous day's closing price. The decline in nickel prices is due to supply concerns and worries about Russian supply. Russia supplies about 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$27,414 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 Monday, July 25, 2022, it has surged 6.85% year-to-date (YTD).