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.