Nickel Prices

Nickel prices averaged USD 15,003 per metric ton in June, down 2.3% from May. On 30 June, the commodity traded at USD 15,020 per metric ton, down 0.1% from 30 May.

Prices resumed their overarching downtrend in June, as the market remains vastly oversupplied due to surging output in top producer Indonesia. Moreover, steel production in top consumer China slid in May, which likely dented nickel demand as its most common application is stainless steel production. That said, prices regained slight ground at the tail-end of the month thanks to the Iran–Israel ceasefire.