- A Small Font
- A Medium Font
- A Bigger Font
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."
Related Data
Latest Data Stories
Trending Topics
Popular Data