Nickel price tops $37,000 per ton

Nickel prices continue to rise. At auction in London, it soared by the maximum allowable 15% and exceeded the level of 37 thousand dollars per ton. On the eve of the quotes of this industrial metal also reached the upper limit of the corridor. During the trading session on March 8, the price of a ton of nickel doubled, breaking the level of $100,000. After that, trading was suspended. They just reopened last week. Price dynamics in the nickel market are worrisome as metal is very important to the global economy. It is essential in the production of stainless steel. In addition, nickel is used in the manufacture of batteries. Tough sanctions imposed on the Russian Federation due to the military operation have raised serious concerns about the supply of this metal by the Russian company Norilsk Nickel. It has a 10 percent share of the world market. And the share of Norilsk Nickel’s deliveries to battery manufacturers is in the range from 15% to 20%.

Source: xCritical.com