Steel News

We strive to let you one step ahead of the market.

LME nickel prices supported by Indonesia’s cut in nickel ore mining quotas

13 Jan 2025 16:44 reported by Joy Liu

A A A
LME nickel futures continued to increase last Friday (January 10), closing at US$15,658/ton, an increase of US$176. The spot price also rose by US$178 to US$15,450/ton.

The cumulative increase last week reached US$547, a hike of 3.6%. The nickel price has risen by US$330 so far this year, a growth of 2.15%.

At the same time, LME nickel inventories increased by 594 tons, reaching 164,904 tons. Inventories have grown by 4,368 tons or 2.7% this month.

The US dollar continued to strengthen, with the US dollar index hitting the highest intraday level since November 11, 2022, but the US nonfarm payrolls were strong. Besides, news from Indonesia about a cut in nickel ore mining quotas also supported the price of nickel ore and further boosted nickel prices. However, due to the current weak market demand, the short-term nickel price was expected to fluctuate.

Back to Steel News

Related News

Outokumpu withdraws US expansion plan and nuclear project in Finland on weak stainless steel market conditions

  • Stainless Steel
  • 17 Feb 2025 15:11

Aperam's stainless and electrical steel deliveries rebound in Q4 q-o-q

  • Stainless Steel
  • 17 Feb 2025 14:02

Outokumpu’s stainless steel deliveries hit historical low in 2024

  • Stainless Steel
  • 17 Feb 2025 14:02

Jindal Stainless foresees benefits brought about by US new tariffs

  • Stainless Steel
  • 17 Feb 2025 14:02

India mandates the imported stainless steel pipes possess BIS certification

  • Stainless Steel
  • 14 Feb 2025 11:24

Metal Price Index

Learn more

LME Official Bid Price

  • Zinc
  • 2,843.00
  • 2,884.00
  • Aluminum
  • 2,660.00
  • 2,643.00
  • Copper
  • 9,810.00
  • 9,660.00
  • Nickel
  • 15,350.00
  • 15,565.00

Learn more

Coil Exchange Center

Learn more