Nickel Price Increases 0.58% to US$ 21,375 per Ton

Nickel trading on the London Metal Exchange (LME) rose 0.58% over the past two days, reaching US$21,375 per ton. On Wednesday, July 20, 2022, the nickel price was still at US$21,250 per ton. However, on Thursday, July 21, 2022, the nickel price for the 3-month contract was traded at US$21,375 per ton.

This price represents a US$125 increase compared to the previous day's closing price. The price increase is due to concerns over supply and dwindling inventories, particularly regarding 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$27,414 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, July 21, 2022, it has surged 5.54% year-to-date (YTD).