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Nickel trading on the London Metal Exchange (LME) fell 2.0% over the past two days, hitting US$21,250 per ton. On Thursday, July 21, 2022, the nickel price was still at US$21,675 per ton. However, transactions on Friday, July 22, 2022, saw the nickel price for the next 3-month contract traded at US$21,250 per ton.
This price represents a US$425 difference compared to the previous day's closing price. The nickel price decline is due to supply concerns and worries about Russian supply. Russia supplies approximately 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$27,414 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 Friday, July 22, 2022, it has surged 4.99% year-to-date (YTD).
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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