Nickel Prices Fall for Nine Consecutive Months Until Early 2024

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Adi Ahdiat 13/02/2024 16:16 WIB

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According to World Bank data, the average global nickel price fell for nine consecutive months from May 2023 to January 2024.

Average Monthly Global Nickel Price (January 2020-January 2024)*

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Nickel Prices Fall for Nine Consecutive Months Until Early 2024

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Average Monthly Global Nickel Price (January 2020-January 2024)*

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According to World Bank data, in January 2024, the average price of nickel with a minimum grade of 99.8% on the London Metal Exchange (LME) reached US$16,103.83 per ton.

The price fell by 2.2% compared to December 2023 (month-on-month), plummeted by 42.9% compared to January 2023 (year-on-year/YoY), and reached its lowest level since November 2020.

Global nickel prices have also been falling for nine consecutive months since May 2023, as shown in the graph.

This price decline is in line with the World Bank's projections in its October 2023 Commodity Markets Outlook report.

In the report, the World Bank predicts that the average nickel price throughout 2024 will be lower than the average annual price in 2023.

The World Bank made this projection due to an increase in nickel supply from major producing countries, such as Indonesia, the Philippines, and China.

Meanwhile—amidst the increase in supply—demand is projected to decrease with the emergence of lithium iron phosphate (LFP) based electric vehicle battery technology as a substitute for nickel.

Editor : Adi Ahdiat

"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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Nickel Prices Fall for Nine Consecutive Months Until Early 2024

Nickel Prices Fall for Nine Consecutive Months Until Early 2024

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