Global industrial metal prices, including nickel, have dropped significantly amid the COVID-19 pandemic. The price of nickel at the London Metal Exchange (LME) stood at US$11,355 per ton on Friday, lower than $14,025 posted at the end of last year and reflecting a decline of 19 percent year-to-date (ytd).
The average mineral price is $12,808 per ton so far this year, decreasing 8.3 percent from the 2019 average price of $13,969.
In 2020, a surplus in the nickel market will increase as the COVID-19 pandemic will hurt demand. According to a report by Norilsk Nickel, one of the world's leading nickel producers, nickel consumption is expected to grow only 2.8 percent in 2020, less than the earlier forecast of 3 percent.
In term of volume, primary nickel consumption is expected to reach 2.45 million tons this year, down from the previous projection of 2.54 million tons. O...