Nickel price soars on Aug 6 on Indonesian possible early ban on ore exports
The nickel price on the London Metal Exchange (LME) soared to above US$15,000/ton yesterday (August 6th) since it was heard that the Indonesian ban on raw ore will be launched in October this year, which was earlier than scheduled in 2022. Besides, the earthquake occurred in Indonesia was also a reason for the increased nickel price.
According to market participants, due to the issue of the ban on nickel ore exports from Indonesia, which might greatly impact the stainless steel market, the short-term nickel price trend has been raised to a range of US$14,500-15,000/ton. However, the trend was still based on the development of negotiations between the US and China.
