ASIATODAY.ID, JAKARTA – Indonesia’s benchmark nickel price in May 2024 rose 0.27% to US$17,472.38 per dry metric ton (dmt). This figure is an increase of US$ 47.86 per dmt compared to last April which reached US$ 17,424.52 per dmt.
Apart from increasing, this figure also ends the downward trend since June 2023.
Despite the increase, the benchmark nickel price in May 2024 is still lower than December 2023, which reached US$17,653.33 per dmt.
The government set the May reference nickel price through Minister of Energy and Mineral Resources Decree Number 112.K of 2024 concerning Reference Metal Mineral Prices and Reference Coal Prices (HBA) for May 2024 which was determined on Tuesday, 21 May 2024.
Apart from determining the HBA, the Ministerial Decree also determines the price of reference metal minerals (HMA) for May 2024.
“Furthermore, cobalt is set at US$28,215.95 per dmt,” said Head of the Bureau of Communications, Public Information Services and Cooperation, Ministry of Energy and Mineral Resources, Agus Cahyono Adi, quoted Monday, 27 May 2024.
The HMA for other metal mineral commodities is as follows.
– Lead: US$ 2,071.55/dmt
– Zinc: US$ 2,596.40/dmt
– Aluminium: US$ 2,390.31/dmt
– Copper: US$ 9,134.12/dmt
– Gold as an associated mineral: US$ 2,286.78/troy ounce
– Silver as an associated mineral: US$ 26.76/troy ounce
– Pb 300 Tin Ingot: settlement price ICDX and JFX on the day of sale
– Pb 200 Tin Ingot: settlement price ICDX and JFX on the day of sale
– Pb 100 Tin Ingot: settlement price ICDX and JFX on the day of sale
– Pb 050 Tin Ingot: settlement price ICDX and JFX on the day of sale
– 4NINE Tin Ingot: settlement price ICDX and JFX on the day of sale
– Gold Metal: LBMA Gold PM Fix on sale day
– Silver Metal: LBMA Silver Fix on sale day – – Manganese: US$ 3.53/dmt Laterite/Hematite/Magnetite
– Iron Ore: US$ 1.55/dmt
– Chrome Ore: US$ 6.37/dmt
– Ilmenite Concentrate: US$ 7.56/dmt
– Titanium Concentrate: US$ 12.13/dmt.
Nickel Prices Soar
Nickel prices have soared in almost the last nine months. These conditions were triggered by political unrest in New Caledonia. This country has one of the largest reserves in the world and produces around 6% of global nickel production.
The price of nickel futures jumped almost 7% on the London Metal Exchange to US$21,150 per ton, as of 19 May. The figure slowed slightly at the end of trading to only register an increase of around 5%.
However, the price was corrected to US$ 21,080 per ton at the close of trading Monday, May 21 2024. The price spike at the end of last week coincided with the release of a report by the International Energy Agency (IEA) which estimates high demand for nickel and other minerals that are important for the transition to more environmentally friendly energy.
“We have seen these riots. “If New Caledonia has ongoing problems, then this will have an impact on prices,” said analyst at Amalgamated Metal Trading, Dan Smith, as quoted by the Financial Times on Tuesday, 21 May 2024.
Nickel prices have fallen by around 32% from around US$ 31,000 in early 2023 as Indonesia, the largest producer, experiences increased supply. On the other hand, there was weakening demand due to weaker-than-expected sales of electric vehicles. (AT Network)
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