Nickel prices fell today, to remain near the 4-week low amid a slowdown in Chinese steel production -the world's largest nickel consumer- while the Indonesian decision to fully ban nickel ore exports is approaching.
The widely used metal in the steel industry, Nickel, rose to a 5-year high in September after Indonesia announced that the exports ban decision would come into force in next January.
This comes amid concerns about the US-China trade war and uncertainty around unresolved issues, which put pressure on metal prices due to fears over demand by the US and China.
China, the largest metals consumer, has shutdown more than 1,300 heavy metal factories since 2016, within its plan to reduce pollution.
As for trading, nickel spot futures price fell by 2.3% to $13,636.7 per tonne as of 14:30, and hit a session-high of $13,806.5.