Nickel Price Rises 1.17% to US$23,500 per Ton

Nickel trading on the London Metal Exchange (LME) rose 1.17% over the past two days, exceeding US$23,500 per ton. On Thursday, August 11, 2022, the nickel price was still at US$23,225 per ton. However, on Friday, August 12, 2022, the nickel price for the next 3-month contract was traded at US$23,500 per ton.

This price represents a US$275 difference compared to the previous day's closing price. The nickel price increase is due to concerns over supply and dwindling reserves, particularly from Russia. 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 nickel benchmark 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 Friday, August 12, 2022, it has increased by 14.09% year-to-date (YTD).