Nickel increased 995.38 USD/MT or 6.51% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel - values, historical data, forecasts and news - updated on March of 2025.

In May 2024, the price of one metric ton of nickel stood at some 19,586.98 U.S. dollars. In comparison, in December 2016, the price of nickel was just below 10,000 U.S. dollars per metric ton. Thus, the nickel price has increased considerably in recent years, though it continuously fluctuates. In the beginning of 2022, however, the price of nickel skyrocketed due to disruptions to supply chains and a wide scarcity of raw materials and metals. Overview of nickel Discovered in 1751, nickel is a base metal with a silvery-white lustrous appearance that has a slightly golden tinge. The metal is crucial for many global industries, especially, for example, for the production of stainless-steel. Nickel is highly corrosion-resistant and is used to plate other metals in order to protect them. Because of these useful traits, nickel is used in more than 300,000 products worldwide, spanning from architectural, industrial, military, transportation and aerospace, marine, currency, and consumer applications. Nickel price dynamics Though nickel is the fifth most abundant element found on Earth, as with any commodity, the price of nickel can vary widely depending on global market conditions. Following the collapse of the Soviet Union, exports of nickel increased dramatically, dropping the price of nickel in the mid-1990s to below production costs. Nickel production in the Western Hemisphere was reduced during that period. Prices then increased again, up to a high of 52,179 U.S. dollars per metric ton in May 2007. Since then, nickel prices have decreased, and have remained between a low of 8,299 U.S. dollars per metric ton and a high of 18,584 U.S. dollars per metric ton between 2016 and 2021. It is forecast that the price of nickel will amount to more than 17,000 U.S. dollars per metric ton in 2025.

In 2023, nickel had an average price of approximately 21,521 U.S. dollars per metric ton, a decrease of more than 4,000 U.S. dollars compared to the previous year. Top nickel producing regions In 2023, Indonesia produced the largest volume of nickel from mines in the world, totaling 1.8 million metric tons, while the Philippines produced 400,000 metric tons. Norilsk Nickel (also known as Nornickel) from Russia is one of the largest producers of nickel in the world. One of its largest mining operations is located in northern Russia within the Norilsk-Talnakh area. Nickel life cycle Nickel is a lustrous metal and is used for various applications, such as in plating metals, due to its resistance to corrosion. Nickel is not mined directly but is extracted from ores such as iron ore limonite. The metal can be extracted through roasting and reduction processes. Most often, nickel is used as part of nickel steels, including stainless steel, in alloys, and in electroplating. The worldwide consumption of nickel exceed three million metric tons in 2023. Historically, nickel has been used since 3500 BCE as a natural nickel-iron alloy.

In recent years, nickel prices have hit some of their all-time highest numbers, at an average of almost 26,000 U.S. dollars per metric ton throughout 2022. This was driven by a large spike in prices at the end of that year, where they peaked at 31,275 U.S. dollars per ton in mid-November. The recent surge in nickel prices has been driven by several factors, including disruptions to Russia's (the world's third-largest nickel producer) export industry following its invasion of Ukraine. Additionally, demand for nickel has grown alongside the growth of lithium-ion battery production, driven by the growth of the electronic car market. However, these recent peaks are still well below the all-time annual high of more than 37,000 U.S. dollars in 2007, where low international supply coupled with high demand from China's stainless-steel manufacturing industries caused prices to soar.

The price of nickel powder in the USA reached 23095 USD/MT in the final quarter of 2023.

Explore IMARC’s newly published report, titled “Nickel Powder Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of nickel powder pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

Graph and download economic data for Producer Price Index by Commodity: Metals and Metal Products: Copper and Nickel Ores (WPU10210201) from Jul 1991 to Sep 2020 about ore, copper, metals, commodities, PPI, inflation, price index, indexes, price, and USA.

Graph and download economic data for Producer Price Index by Industry: Copper, Nickel, Lead and Zinc Mining (PCU212230212230) from Jun 1988 to Jan 2025 about zinc, lead, nickel, copper, mining, metals, PPI, industry, inflation, price index, indexes, price, and USA.

Nickel prices reached a four-year low due to oversupply driven by Indonesia's production surge. Learn about the market dynamics and future strategies.

Examination of copper, nickel, lead and zinc (base metals) exploration expenditure and discovery in Australia over the period 1976-2005 reveals some significant trends. Australia's base metal resource inventory grew substantially as a consequence of successful exploration over the period, both through addition of resources at known deposits and new discoveries, notably a small number of very large deposits that underpin the resource base. In 2005, Australia had the world's largest economic demonstrated resources (EDR) of nickel, lead and zinc, and the second largest EDR of copper. Growth in nickel resources has been especially strong owing to discovery of large laterite resources in the late 1990s. Resource life, in average terms based on current EDR and production, is approximately 30 years for lead and zinc, 40 years for nickel sulphide (120 years for all nickel EDR) and 50 years for copper. Despite this success, major increases in production over the period (copper, nickel and zinc output increasing 3-4 fold, lead output doubling) and a fall in discovery rates during much of the 1990s means that resource life for lead and zinc is lower and nickel sulphide comparable now to that in 1976; only the resource life of copper has grown substantially over the period. Current published ore reserves are sufficient for at least 15 years operations at current production levels, but only a small number of the largest deposits currently being mined are likely to still be in production in 20 years. However, several mines have substantial inferred resources that may allow production beyond current mine reserves and there is a substantial number of undeveloped deposits that may provide the foundation for extended or new mining operations. The discovery record is strongly cyclical with resource growth for all the base metals punctuated by the discovery of giant (world-class) deposits each decade: these underpin current and future production. Recent higher metal prices and renewed interest in base metals, especially nickel, has reversed a 10 year decline in base metal exploration attended by reduced rates of discovery and resulted in record expenditure, new nickel, copper and zinc discoveries, and increased resources at a number of existing deposits, notably the Olympic Dam copper-uranium-gold deposit. With the exception of the Prominent Hill copper-gold and West Musgrave nickel-copper deposits, most of the recent discoveries, especially zinc (-lead) deposits, are of small tonnage (some of high grade). Nevertheless, these new discoveries have helped stimulate further exploration and also highlight the potential for further discoveries in little-explored provinces, especially those under regolith and shallow sedimentary cover.

In 2024, the average annual London Metal Exchange (LME) price for tin was approximately 14 U.S. dollars per pound, making it the highest-priced base metal that year. Nickel had the second-highest price out of the base metals at that time, with an average annual LME price of approximately 7.70 U.S. dollars per pound in 2024. Although there is no clear-cut definition of the term, base metals usually refer to metals that oxidize easily, and is most commonly categorized as including tin, nickel, copper, zinc, lead, and aluminum.

This statistic shows a forecast of the London Metal Exchange's cash price of nickel from 2015 to 2020. In 2020, it is predicted that the price of nickel will increase over 26,000 U.S. dollars per metric ton worldwide. Nickel is most commonly used for making steels, nonferrous alloys, and electroplating. It is also common in both industrial and commercial products.

Nickel prices fell to a four-year low as 2025 began, influenced by cautious views on China's stimulus measures and a rising US dollar, impacting the global metals market.

According to Cognitive Market Research, the global nickel market size is USD 35695.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 14278.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 10708.56 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 8209.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 1784.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 713.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The Electrical & Electronics End-Uses held the highest nickel market revenue share in 2024

Market Dynamics of Nickel Market

Key Drivers for Nickel Market

Increased Demand for Nickel Batteries to Increase the Demand Globally

One key driver in the nickel market is increased demand for nickel batteries. It is an essential component in the manufacture of lithium-ion batteries, which power electric vehicles. As the globe moves toward greener transportation and E.V. usage grows, so does the demand for nickel. Battery manufacture is projected to be a significant driver of nickel use in the coming years. Historically, the stainless steel sector was the major consumer of nickel. Nickel gives strength and corrosion resistance to steel, making it essential for a variety of applications. As global infrastructure development and industrial activity continue, demand for stainless steel, and thus nickel, remains high.

Boom in Electric Vehicles to Propel Market Growth

Another key driver in the nickel market is the increasing demand for electric vehicles. The worldwide electric vehicle (E.V.) boom is having a big impact on the nickel market, increasing both demand and prices. As the global demand for E.V.s grows, so does the demand for nickel to build these batteries. Major mining corporations such as BHP expect nickel demand to skyrocket in the coming decades, fuelled by the E.V. revolution. This boost in demand is putting strain on nickel supply, resulting in price increases. Nickel prices have already risen in recent years, and some predict that trend to continue as E.V. usage rises. Nickel has traditionally been used primarily in the stainless steel sector. However, the E.V. industry is expected to be the primary growth driver for nickel in the future.

Restraint Factor for the Nickel Market

Environmental and Health Issues to Limit the Sales

One key restraint in the nickel market is the challenge of Environmental and health issues. Nickel is an important metal in today's world. It is an important component of stainless steel, used in a variety of sectors, and used in lithium-ion batteries that power electric vehicles (E.V.s). The worldwide nickel market is expanding as demand for E.V.s rises. However, this expansion has a substantial drawback: environmental and health risks linked with nickel mining and processing. Nickel mining can pollute the air and water via dust, acid mine drainage, and inappropriate waste management. These pollutants can degrade ecosystems, taint drinking water, and impair respiratory health in adjacent communities. Nickel extraction and refining require a lot of energy, and it frequently uses fossil fuels, which contribute to greenhouse gas emissions.

Impact of Covid-19 on the Nickel Market

The Nickel Market experienced both challenges and opportunities due to the impact of COVID-19. On one hand, the initial increase in nickel prices in early 2020 may have favored current inventory holders. While the pandemic caused a temporary delay, the long-term demand for nickel is likely to expand because of the increasing usage of electric vehicles (E.V.s) that use nickel-based batteries. However, on the other hand, Lockdowns and an economic downturn resulted in a substantial drop in nickel demand across a variety of industries, particularly stainless steel (the largest user). This resulted in a nickel...

United States - Producer Price Index by Commodity: Metals and Metal Products: Nickel and Nickel-Base Alloy Mill Shapes was 146.94300 Index Dec 2003=100 in February of 2022, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Commodity: Metals and Metal Products: Nickel and Nickel-Base Alloy Mill Shapes reached a record high of 214.00000 in May of 2007 and a record low of 100.00000 in December of 2003. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Commodity: Metals and Metal Products: Nickel and Nickel-Base Alloy Mill Shapes - last updated from the United States Federal Reserve on March of 2025.

This statistic shows forecasts for the global nickel price at the London Metal Exchange in 2013 and 2014. In 2013, the average LME cash price for nickel is expected to stand at 8.09 U.S. dollars per pound.

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Nickel Market Size 2024-2028

The nickel market size is projected to increase by USD 16.55 billion, at a CAGR of 4.06% between 2023 and 2028. Market growth hinges on multiple factors, notably the surge in infrastructure development and urbanization in emerging economies, broadening electroplating applications of nickel, and the prevalence of stringent regulations. Emerging economies' focus on infrastructure drives demand for nickel in construction and urban development projects. Additionally, the expanding use of nickel in electroplating applications across industries enhances market prospects. However, stringent regulations, particularly concerning environmental and labor standards, present challenges, potentially restraining market expansion despite favorable growth drivers.

What will be the Size of the Market During the Forecast Period?

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Market Segment

The nickel (element) is intertwined with various industries, including lightweight vehicles, solar panels, and food and beverage. Alongside chromium (metal) and titanium, nickel contributes to the production of solar panels and other applications. However, concerns persist regarding sulfur dioxide emissions, urging the industry to adopt more sustainable practices in nickel and chromium extraction.

By Type

The primary nickel segment is estimated to witness significant growth during the forecast period. Primary nickel, a key segment in the market, encompasses various types like nickel pig iron (NPI), ferronickel, and nickel matte, each serving distinct industrial purposes. NPI, notably favored for stainless steel production, is cost-effective and widely utilized, particularly in regions like China.

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The primary nickel segment was the largest segment and was valued at USD 29.52 billion in 2018. Further, ferronickel, produced via nickel ore reduction, finds applications in stainless steel and alloy manufacturing. Noteworthy vendors such as Eramet and Vale SA invest in ferronickel production, driving market growth alongside nickel matte usage by companies like PJSC MMC Norilsk Nickel.

By Application

Stainless steel, a significant segment in the market, finds widespread use across industries like construction, automotive, healthcare, and food processing due to its corrosion resistance, strength, and durability. With nickel playing a pivotal role in stainless steel production, its alloying process accounts for a substantial portion of global stainless steel output. Key vendors like BHP Group plc and PT Indonesia Asahan Aluminum provide various nickel grades tailored for stainless steel applications, driving market growth.

By Region

APAC is estimated to contribute 93% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.

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Indonesia and China are major contributors to the market in the APAC region, collectively dominating global nickel output. Indonesia's vast nickel reserves drive its significant production levels, with the country boasting the world's largest nickel reserve according to the US Geological Survey. China's robust stainless steel industry, fueled by infrastructure development and urbanization, heavily relies on nickel imports. Additionally, China's rapid progress in electric vehicle (EV) manufacturing boosts demand for nickel-based batteries, further amplifying nickel's importance in the APAC market.

Market Dynamics

The market plays a pivotal role in various sectors, including the automotive industry and consumer goods industry. As a key component in lithium-ion batteries such as Nickel Cobalt Aluminum (NCA) and Nickel Manganese Cobalt (NMC), nickel powers the rise of electric cars and energy storage systems. Nickel plays a crucial role in secondary battery recycling, as it is a valuable material recovered and reused in the production of new batteries. Its applications extend to special steels, stainless steel (SS), and automobile batteries, ensuring lightweight and durable solutions. However, concerns over greenhouse emissions and health risks persist, prompting ongoing innovations in nickel usage across the construction industry, wind turbines, and medical industry.

Key Market Driver

An increase in infrastructure development and urbanization in emerging economies is the key factor driving the market. The rapid economic expansion in emerging economies such as China, India, and Southeast Asia is fueling urbanization and industrial development. Nickel, known for its corrosion resistance and strength, is witnessing heightened demand due to the surg

According to Cognitive Market Research, the global Nickel plated Steel Sheet market size is USD 451.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.20% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 180.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 135.36 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 103.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 22.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 9.02 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031.
The Diffusion Annealed Steel Sheet held the highest Nickel plated Steel Sheet market revenue share in 2024.

Market Dynamics of Nickel plated Steel Sheet Market

Key Drivers of Nickel plated Steel Sheet Market

Growing demand from end-use industries to Increase the Demand Globally

The automotive, consumer electronics, appliance, and construction end-use industries are among those driving the market for nickel-plated steel sheets. It is highly valued in automotive applications due to its resistance to corrosion and formability, making it perfect for components like fuel tanks, bumpers, and trim. It is useful in the housing and component manufacturing of consumer electronics. It is used to make refrigerator shelves and other parts for appliances. Moreover, it is preferred for siding and roofing applications in the building industry. This varied demand highlights how versatile and essential nickel-plated steel sheets are to a variety of industries.

Technological Advancements to Propel Market Growth

Technological advancements in plating methods are propelling innovation in the manufacturing of nickel-plated steel sheets. New plating techniques allow for the production of sheets with a wider range of properties, such as increased hardness, better formability, and improved corrosion resistance. These developments open the door for the creation of fresh, enhanced nickel-plated steel sheet products that meet a range of industry demands. By utilizing state-of-the-art plating processes, producers may provide sheets that satisfy demanding performance specifications in a range of applications, increasing market competitiveness and expanding the frontiers of material engineering possibilities.

Restraint Factors Of Nickel plated Steel Sheet Market

High cost of nickel to Limit the Sales

The market for nickel-plated steel sheets has a lot of challenges due to the high cost of nickel, which could raise overall production costs. As a result, nickel-plated steel may become less competitive when measured against substitute materials such as stainless steel. The pressure to maintain competitive pricing in the face of growing raw material costs may affect manufacturers' profit margins and market positioning. Techniques including streamlining manufacturing procedures, looking for substitute materials or coatings, and taking use of economies of scale could be used to lessen this problem. Furthermore, advances in material science and recycling techniques might provide ways to reduce reliance on pricey nickel while upholding requirements for product performance and quality. Maintaining competition in the market for nickel-plated steel sheets requires striking a balance between cost concerns and the need for high-quality products.

Impact of Covid-19 on the Nickel-plated nickel Steel Sheet Market

The market for nickel-plated steel sheets was greatly affected by the COVID-19 epidemic, which changed demand dynamics and supply networks. Manufacturing activities and project schedules were delayed due to lockdown measures, production halts, and logistical issues, which had an impact on market growth. The issue was made worse by fluctuating consumer demand and economic uncertainty, which led to a decline in consumption in end-use sectors like construction, electronics, and automobiles...

The global nickel products market is experiencing robust growth, driven by the increasing demand from key sectors such as electric vehicle (EV) batteries and stainless steel production. The market size in 2025 is estimated at $35 billion, projected to reach approximately $50 billion by 2033, representing a Compound Annual Growth Rate (CAGR) of approximately 6%. This growth is fueled by several factors. The burgeoning EV industry necessitates a significant increase in nickel production to meet the soaring demand for high-energy-density batteries. Furthermore, the construction and infrastructure sectors' continued reliance on stainless steel, a nickel-intensive alloy, contributes significantly to market expansion. Emerging trends, such as the exploration of sustainable nickel mining practices and advancements in nickel refining technologies, are further shaping the market's trajectory. While fluctuations in nickel prices and geopolitical uncertainties can act as restraints, the overall positive outlook for nickel demand across diverse industrial applications is anticipated to offset these challenges in the long term. The market segmentation reveals a diverse landscape. Nickel sulfate and nickel chloride dominate the type segment, largely owing to their extensive applications in battery manufacturing and electroplating. Stainless steel production continues to be the leading application segment, followed by the rapidly expanding battery sector, which is expected to significantly increase its share over the forecast period. Key players in the market include established mining and metals giants such as MMC Norilsk Nickel, Vale SA, and BHP, along with emerging players focused on sustainable and innovative nickel production methods. Regional analysis suggests that Asia-Pacific, specifically China, currently holds a substantial market share, attributed to its robust manufacturing base and significant demand for stainless steel and batteries. However, North America and Europe are expected to witness considerable growth fueled by increasing investments in renewable energy and electric vehicle infrastructure. This in-depth report provides a comprehensive overview of the global nickel products market, valued at approximately $35 billion in 2023. It analyzes market dynamics, key players, emerging trends, and future growth prospects. Utilizing rigorous data analysis and industry expert insights, this report offers invaluable strategic insights for businesses operating within this dynamic sector. Keywords: Nickel Sulfate, Nickel Chloride, Electrolytic Nickel, Nickel Hydroxide, Stainless Steel, Batteries, EV Batteries, Nickel Price, Nickel Mining, Nickel Production, Nickel Alloys.

Statistics illustrates consumption, production, prices, and trade of Nickel-Cadmium, Nickel Metal Hydride, Lithium-Ion, Lithium Polymer and Nickel-Iron Accumulators in Bulgaria from 2007 to 2024.

The global cobalt nickel alloy market is poised for significant growth, driven by increasing demand across diverse sectors. While precise market size figures for the base year (2025) are not provided, let's assume a conservative estimate of $2 billion based on industry reports and the projected CAGR. This robust market is fueled by the unique properties of cobalt nickel alloys, including high strength, corrosion resistance, and magnetic properties. These qualities are crucial in engineering materials for high-performance applications such as aerospace components, specialized tools, and chemical processing equipment. The market's expansion is further propelled by technological advancements leading to improved alloy formulations and enhanced manufacturing processes. Significant growth is anticipated in the engineering materials segment, driven by increasing demand for lightweight, high-strength materials in the aerospace and automotive industries. However, fluctuating cobalt and nickel prices pose a significant challenge, along with environmental concerns surrounding cobalt mining. The projected CAGR, while unspecified, can be reasonably estimated to be between 5-7% for the forecast period (2025-2033), reflecting a healthy growth trajectory. This growth will be influenced by the successful adoption of sustainable sourcing practices and the development of alternative, cost-effective alloy compositions. Further segmentation reveals strong growth potential within specific alloy types such as Iron Nickel Cobalt alloys and Aluminum Nickel Cobalt alloys, each offering unique performance characteristics catering to niche applications. Regional analysis indicates a substantial market share held by North America and Asia Pacific, driven by strong industrial growth and the presence of key manufacturers. The European market is also a significant contributor, with demand driven by the aerospace and chemical industries. However, the emerging economies in Asia Pacific are anticipated to witness the fastest growth rate during the forecast period, driven by increased industrialization and infrastructure development. Competition in the market is moderately concentrated, with established players like American Element, HC Starck Solutions, and Hitachi Metals Neomaterial dominating the landscape. However, opportunities exist for smaller companies specializing in niche applications or innovative alloy formulations. Sustained growth hinges on addressing environmental concerns, improving supply chain resilience, and fostering technological advancements that enhance the performance and cost-effectiveness of cobalt nickel alloys.