Nickel Price Falls 2.08% to US$ 22,075 per Ton

Nickel trading on the London Metal Exchange (LME) fell 2.08% over the past two days, reaching US$22,075 per ton. On Tuesday, August 16, 2022, the nickel price was still at US$22,535 per ton. However, transactions on Wednesday, August 17, 2022, saw the three-month nickel contract traded at US$22,075 per ton.

This price represents a US$460 difference compared to the previous day's closing price. The nickel price decline is attributed to increased 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. Currently, the Indonesian benchmark nickel price stands at US$22,504 per ton. Indonesia holds the world's largest nickel ore reserves.

The nickel price at the end of last year was US$20,190 per ton, but as of Wednesday, August 17, 2022, it has increased by 8.54% year-to-date (YTD).