Nickel Prices

Nickel prices averaged USD 17,397 per metric ton in March, up 6.5% from February. On 29 March, the commodity traded at USD 16,568 per metric ton, down 6.2% from 29 February.

Nickel’s price rally continued in early March thanks to widespread output cuts in producers outside China and Indonesia amid depressed prices in recent months. In turn, this has led to a sizeable reduction of the market surplus—which was last reported to be 13,400 metric tons in January, well below December’s 28,900 metric tons. That said, prices declined markedly in the second half of March on improved supply prospects from Indonesia as the country sped up its mining quota approval process.