31 July 2024 – The Indonesian Nickel Miners Association (APNI) yesterday announced the launch of an Indonesia Metals Exchange (IME). Nickel prices react with jumps of more than 5.5% to APNI announcement. And an expected decline in stainless steel prices in Asia fails to materialise.
APNI announces Indonesian Metals Exchange for 2025
The Indonesian Nickel Miners Association (APNI) announced yesterday that it plans to introduce the Indonesia Metals Exchange (IME) from 2025. With this, APNI wants to decouple Indonesia, as the owner of the largest currently known nickel reserves and the world’s most important nickel exporter, from foreign commodity exchanges, which currently determine the benchmark prices.
Nickel prices in Asia jump by more than 5.5%
Nickel prices on the SHFE and LME commodity exchanges have already reacted to this announcement today with significant gains. On the SHFE, the most heavily traded contract (ni2408) has risen by more than 5.6%. On the LME, the nickel price rose by more than 2.4% shortly after the start of trading.
Asian stainless steel prices are already reacting to the rise in nickel prices
After a decline in Asian stainless steel prices had already been expected in some economic regions, this expectation has not materialised, but has already been reversed today. One major stainless steel producer has already raised its prices.
A rise in nickel prices following the publication of the new alloy surcharges has been observed more frequently in the past.
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