Nickel Price Jumps 7.75% to US$ 23,225 per Ton

Nickel trading on the London Metal Exchange (LME) surged 7.75% in the last two days, reaching US$23,225 per ton. On Wednesday, August 10, 2022, the nickel price was at US$21,425 per ton. However, on Thursday, August 11, 2022, the price for the 3-month nickel contract traded at US$23,225 per ton.

This price represents a US$1,800 increase compared to the previous day's closing price. The price increase is attributed to dwindling supplies and concerns about Russian supply. Russia supplies approximately 10% of the world's nickel needs. Furthermore, the Russian invasion of Ukraine has fueled the rise 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$22,504 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 Thursday, August 11, 2022, it has increased by 13.07% year-to-date (YTD).