Nickel Prices

Nickel prices averaged USD 14,948 per metric ton in August, down 0.6% from July. On 29 August, the commodity traded at USD 15,247 per metric ton, up 3.5% from 31 July.

Prices showed little movement for the second successive month. The market remained vastly oversupplied by top producer Indonesia; in H1, nickel became the country’s top export for the first time on record. That said, survey data revealed that global manufacturing activity gained steam in August, suggesting that demand conditions improved and helped prevent a significant price decline.