Nickel Prices

Nickel prices averaged USD 20,446 per metric ton in August, down 3.1% from July’s price of USD 21,091 per metric ton. Meanwhile, the average price for nickel in August was 7.2% lower year on year. On 31 August, nickel traded at USD 20,087 per metric ton, 9.0% lower month on month.

August’s price fall was partly due to a less supportive demand backdrop. Manufacturing PMI data for the U.S., the Eurozone and China in August pointed to weaker manufacturing activity. A rate cut and more pledges of stimulus policies in China were not able to boost industrial momentum in the country. Additionally, a stronger dollar during August likely weighed on demand, as the metal became more expensive for holders of other currencies. On the supply side, conditions were also bearish for prices. In June, the market posted a 27,400 metric ton surplus, up from May’s 17,100 metric ton surplus.