The past month saw nickel prices continue to pull back. The big news emerging in July was the U.S government’s moves to support the EV supply chain (includes nickel) as well as new electric vehicle subsidies.
Nickel price news
As of July 29, the nickel spot price was USD 9.66, lower than USD 10.84 last month. LME shows the price at USD 21,450/tonne. Nickel inventory at the London Metals Exchange [LME] was lower the past month at 57,990 tonnes (67,116 tonnes last month).
Nickel spot price chart – Current price = USD 10.84/lb
Summary
- Nickel spot prices were lower last month and LME inventory was lower.
- Nickel market news – Woodmac forecasts increase in supply will see the global nickel market be in surplus this year and next, which will put downward pressure on prices.
- Nickel company news – Nornickel H1 2022 total nickel output increased 26% YoY to almost 100 kt. Vale 2Q22 Production Report: Nickel production was 24% lower q/q.
- BHP signs MOU for nickel supply with Ford to start as early as 2025. Strong drill results and resource growth continue with several juniors.