Nickel Prices Drop – The price of nickel is showing a weakening trend when Indonesia plans to build a large smelter. Then what will fate be like? Chairman of the Indonesian Mining and Energy Forum (IMEF) Singgih Widagdo said Indonesia’s position really depends on the nickel smelter target which must be completed in 2024.
16 Indonesian Nickel Smelters Must Be Completed
He explained that there are 30 nickel smelters that must be completed and 16 nickel smelters by 2021. To raise it is an imperative of the existing target, so the management of nickel mines in Indonesia must be directed to how the downstream or smelter target can be completed.
The Largest Mine In The World Is Nornickel
Nickel prices posted their biggest daily decline in more than 4 years. This happened in line with the progress of improvements to one of the largest mines in the world Nornickel from Russia
Nickel Prices On The London Metal Exchange
The price of nickel is still on a downward trend. The nickel price on the London Metal Exchange (LME) for a 3-month delivery contract is at the level of US $ 16,047 per ton. The current nickel price level is further away from the price in early March 2021 trading, which reached the level of US $ 18,682 per ton.
The Nickel Price Factor Is A Repair Process
One of the correction factors for nickel prices is the repair process at one of the mines owned by the Russian company MMC Norilsk Nickel PJSC or Nornickel. Previously, nickel production from the company’s mines in Oktyabrsky and Taimyrsky in the Arctic region had to be stopped.
In addition, a nickel company from China, Tsingshan Holding Group, is also reportedly planning to boost production to supply the battery industry.