Nickel Price Falls 1.52% to US$22,000 per Ton

Nickel trading on the London Metal Exchange (LME) fell 1.52% over the past two days, dropping to US$22,000 per ton. On Monday, September 26, 2022, the nickel price was still at US$22,335 per ton. However, transactions on Tuesday, September 27, 2022, saw the three-month nickel contract traded at US$22,000 per ton.

This price represents a US$335 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 crucial material in electric vehicle batteries. Currently, the Indonesian benchmark nickel price stands at US$22,059 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 Tuesday, September 27, 2022, it has increased by 8.23% year-to-date (YTD).