Nickel jumps to record highs on Indonesia supply disruption

Nickel prices rose today, extending its gains this year to more than 45%, hitting record highs in more than several years.

While analysts forecasts the Chinese demand will increase on industrial metal in addition to Indonesia supply disruption, which has recently revealed a decision to ban its export.

Jakarta is planning on stopping its export of nickel ore starting from 2022, which will leads to a supply cut for global markets.

As Indonesia have more than 13 nickel refinery plants with a production capacity of 24.5 million tonnes, in addition to mining companies to produce an additional 46.33 million tonnes.

Bearing in mind that 70% of nickel is used globally in the iron and steel industry, especially in China, which is expected to increase its demand on industrial metals.

By 14:22 GMT, nickel prices rose by 0.5% to $366 per ton, with a high of $369.9 and a low of $360.5.