Nickel Price Remains Steady at US$ 22,100 per Ton

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Yogi Yulianto 17/10/2022 04:31 WIB

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Nickel prices remain firm due to supply concerns and anxieties about Russian supply. As is known, Russia supplies approximately 10% of the world's nickel needs.

Nickel Price Development for 3-Month Contracts over the Last Three Months

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Nickel Price Remains Steady at US$ 22,100 per Ton

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Nickel Price Development for 3-Month Contracts over the Last Three Months

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Nickel trading on the London Metal Exchange (LME) remained steady at US$22,100 per ton over the past two days. On Thursday, October 13, 2022, the nickel price remained at US$22,100 per ton. And, in transactions on Friday, October 14, 2022, the nickel price for the 3-month forward contract remained at US$22,100 per ton.

This price showed no difference compared to the previous day's closing price. The sustained nickel price is due to existing inventories and concerns about Russian supply. As is known, Russia supplies about 10% of the world's nickel needs. Furthermore, the Russian invasion of Ukraine has contributed to the stabilization of 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$22,081 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 Friday, October 14, 2022, it has increased by 8.64% year-to-date (YTD).

"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."