Nickel Price Falls 1.54% to US$ 23,400 per Ton

Nickel trading on the London Metal Exchange (LME) fell 1.54% over the past two days, breaking through US$23,400 per ton. On Wednesday, September 14, 2022, the nickel price was still at US$23,760 per ton. However, transactions on Thursday, September 15, 2022, saw the nickel price for the next 3-month contract traded at US$23,400 per ton.

This price represents a difference of US$360 compared to the previous day's closing price. The nickel price decline 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 decline in global nickel prices.

Nickel is a key component in stainless steel production and a primary material in electric vehicle batteries. Meanwhile, the Indonesian benchmark nickel price currently stands at US$22,059 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, September 15, 2022, it has increased by 13.72% year-to-date (YTD).