Nickel Price Falls 0.7% to US$21,400 per Ton

Nickel trading on the London Metal Exchange (LME) fell 0.7% over the past two days, breaking through US$21,400 per ton. On Wednesday, August 24, 2022, the nickel price was still at US$21,550 per ton. However, transactions on Thursday, August 25, 2022, saw the nickel price for the next 3-month contract traded at US$21,400 per ton.

This price represents a US$150 difference compared to the previous day's closing price. The nickel price decline is due to supply 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 triggered a decline in global nickel prices.

Nickel is one of the materials used in the manufacture of stainless steel and a basic material for electric vehicle batteries. Meanwhile, the Indonesian nickel benchmark 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 as of Thursday, August 25, 2022, it has increased by 5.65% (year to date/ytd).