Nickel prices in Shanghai declined on Wednesday, as investors eyed more mining output from main producer Indonesia after the country said it will accelerate its approval process.
Fastmarkets’ weekly calculation of its chrome ore South Africa UG2/MG concentrates index, cif China was $283 per tonne on Tuesday, up from $281 per tonne on January 9. The index had held at $281 since December 19, 2023.
Nickel prices reached their lowest point in over two and a half years on Thursday due to persistent worries about oversupply putting pressure on the market.
Prices of nickel ore in top global producer Indonesia have surged about 10% in recent weeks, say local buyers, after an investigation into mining quotas disrupted production of the metal used in stainless steel and batteries.