Nickel Price OutlookNickel prices have declined in recent weeks, following the rally seen in June and July. On 9 September, nickel traded at USD 10,326 per metric ton, which was 3.8% lower than on the same day in August, but still above the price levels seen in early 2016. It was up 17.6% on a year-to-date basis and was 2.5% higher than on the same day last year. Nickel prices increased rapidly in June and July but have come down in the past few weeks due to higher supply from Indonesia. In an effort to enforce environmental regulations, the Philippine government shut down several nickel mines this summer, which triggered fears of a shortage in nickel supply and the consequent rally in prices. This has put the ball back in Indonesia’s court, which banned exports of the metal in raw form in 2014. In the meantime, demand from China has shifted towards more refined materials such as ferronickel and Indonesia has expanded its production of refined nickel to meet this demand. However, further Philippine mines could be closed in the coming months and the full effect of the cutback in the archipelago is likely to drive nickel prices up.
Nickel Price History Data (USD per metric ton)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Note: London Metal Exchange (LME) Nickel, prices in USD per metric ton (mt). Prices are average of period (aop).
Nickel Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities