Nickel Prices

Nickel prices averaged USD 16,297 per metric ton in September, down 2.7% from August. On 30 September, the commodity traded at USD 15,738 per metric ton, down 5.8% from 31 August.

In September, average nickel prices fell to a nine-month low as Indonesia’s efforts to curb excess production remained uncertain. Indonesia covers around 60% of global nickel supply and announced significant production cuts earlier this year, which initially drove prices higher. However, a mid-year review subsequently resulted in higher production quotas for some operators, although the full extent of the increase has not been disclosed. The resulting uncertainty around mining quotas is weighing on prices.