The London Metal Exchange (LME) nickel price increased by US$141/ton and closed at US$17,601/ton on February 28. Meanwhile, the nickel spot price went up by US$140/ton to US$17,366/ton. At the same time, the nickel inventory at LME decreased by 456 tons to 69,330 tons.

The US dollar gradually became stronger, and Indonesia approved 145 million tons of nickel ore mining quota, which accounted for 25% of current Indonesian nickel ore demand, while the overall approval process was still slow.

Besides, the LME's nickel inventories kept dramatically decreasing, which further drove nickel prices. The nickel market was expected to fluctuate on the high side.