Nickel Prices

Nickel prices averaged USD 15,146 per metric ton in April, down 5.6% from March. On 30 April, the commodity traded at USD 15,219 per metric ton, down 3.1% from 31 March.

Prices erased March’s gains in April due to a worsening demand backdrop. The U.S. raised tariffs on China, which retaliated firmly. This caused a sharp price decline as greater trade frictions are expected to dent economic growth and industrial demand; China’s manufacturing PMI fell into contractionary terrain in April. Meanwhile, Indonesia confirmed that it will move forward with March’s plans to hike mining royalties, which had likely already been baked in by markets through March’s price increase.