The World Bank projects the average nickel price in 2024 to be at US$17,000 per ton.
This projection is down 21% compared to the average price in 2023 and represents the lowest level since 2021.
According to the World Bank, the decline in nickel prices is partly due to increased supply.
"Global nickel production is expected to increase in 2024, despite some mine closures in response to the persistent decline in nickel prices, which have fallen by almost 40 percent since 2022," stated the World Bank in its April 2024 edition of the *Commodity Markets Outlook* report.
"The increase in nickel production largely comes from Indonesia and reflects a surge in smelter investment, mostly from China," it continued.
The World Bank predicts that in 2024, Indonesia will supply more than half of the global nickel supply.
They also expect global nickel demand to increase, particularly for stainless steel and battery production.