Nickel Price Rises 4.01% to US$22,300 per Ton

Nickel trading on the London Metal Exchange (LME) rose 4.01% over the past two days, exceeding US$22,300 per ton. On Thursday, September 8, 2022, the nickel price was still at US$21,405 per ton. However, transactions on Friday, September 9, 2022, saw the nickel price for the next 3-month contract traded at US$22,300 per ton.

This price represents a difference of US$895 compared to the previous day's closing price. The nickel price increase is due to supply concerns and worries about Russian supply. As is known, Russia supplies about 10% of the world's nickel needs. Furthermore, the Russian invasion of Ukraine has triggered a rise in global nickel prices.

Nickel is a key component in stainless steel production and a primary material for electric vehicle batteries. Meanwhile, the Indonesian benchmark nickel price currently stands at US$22,504 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 9, 2022, it had increased by 9.46% year-to-date (YTD).