Nickel Prices

Nickel prices averaged USD 15,439 per metric ton in December, down 1.8% from November. On 31 December, the commodity traded at USD 15,111 per metric ton, down 3.6% from 29 November.

Prices continued their downtrend in December, hitting a four-year low on the heels of a stronger dollar due to a hot U.S. labor market and more hawkish guidance by the Fed. Moreover, due to ample Indonesian supply, the current market surplus remained a key drag on prices. However, Indonesia is reportedly considering a cut to the country’s mining quota in 2025 in a bid to support prices.