Nickel fell to 15,412.88 USD/T on July 24, 2025, down 1.04% from the previous day. Over the past month, Nickel's price has risen 2.24%, but it is still 2.26% lower than a year ago, 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 July of 2025.

In May 2024, the price of one metric ton of nickel stood at some ********* U.S. dollars. In comparison, in December 2016, the price of nickel was just below ****** 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 ******* 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 ****** U.S. dollars per metric ton in May 2007. Since then, nickel prices have decreased, and have remained between a low of ***** U.S. dollars per metric ton and a high of ****** U.S. dollars per metric ton between 2016 and 2021. It is forecast that the price of nickel will amount to more than ****** U.S. dollars per metric ton in 2025.

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.

Nickel prices skyrocketed on the expectations of a shortage on the global market provoked by the increase in demand that outpaces the supply growth. The rebound in the steel industry and rising electric vehicle manufacturing drive nickel consumption. Pandemic-related lockdowns in the first half of 2020 and the related uncertainty led to a decrease in the global nickel mine output by -4% y-o-y. Despite this, refined nickel production increased by +2% y-o-y, boosted by the recovering demand from mid-2020 and the use of secondary smelting. Indonesia, the largest nickel ore producer worldwide, banned exports of the ore and thus achieved a record output of refined nickel.

Graph and download economic data for Global price of Nickel (PNICKUSDM) from Jan 1990 to Jun 2025 about nickel, World, and price.

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.

The global nickel market skyrocketed to $X in 2021, picking up by X% against the previous year. The market value increased at an average annual rate of +X% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked in 2021 and is likely to continue growth in the immediate term.

The Chinese nickel market surged to $X in 2021, with an increase of X% against the previous year. The market value increased at an average annual rate of +X% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level in 2021 and is expected to retain growth in the immediate term.

In 2024, the Tanzanian nickel market increased by 310% to $4.8K for the first time since 2021, thus ending a two-year declining trend. In general, consumption saw a significant expansion. Nickel consumption peaked at $16K in 2021; however, from 2022 to 2024, consumption failed to regain momentum.

The nickel market, valued at approximately $XX million in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) exceeding 4.80% from 2025 to 2033. This expansion is fueled by several key factors. The burgeoning electric vehicle (EV) sector is a primary driver, with nickel a crucial component in EV batteries. Increasing demand for stainless steel, particularly in construction and infrastructure projects globally, further contributes to market growth. Furthermore, advancements in nickel plating technologies for enhancing corrosion resistance and aesthetics across various industries are also bolstering demand. However, the market faces certain constraints, including price volatility influenced by geopolitical factors and supply chain disruptions, as well as environmental concerns related to nickel mining and processing. Diversification of supply sources and sustainable mining practices are crucial for mitigating these challenges. The market is segmented by application, with stainless steel, alloys, plating, casting, and batteries representing major segments. Key players such as Anglo American, BHP, and Glencore are actively shaping market dynamics through strategic investments and technological innovations. Geographical distribution shows strong growth potential in the Asia-Pacific region, driven primarily by China and India's expanding industrial sectors and burgeoning EV markets. North America and Europe also present significant market opportunities, although growth rates may vary depending on regional economic conditions and policy initiatives. The forecast period of 2025-2033 presents exciting possibilities for nickel market players. Companies are focusing on enhancing operational efficiencies, exploring new nickel sources, and developing innovative technologies to improve sustainability. Strategic partnerships and collaborations are also becoming increasingly prevalent, aiming to secure reliable supply chains and meet the rising global demand. The industry's ability to address sustainability concerns and adapt to fluctuating market conditions will significantly influence its long-term growth trajectory. Government regulations promoting clean energy and sustainable industrial practices will play a pivotal role in shaping the future of the nickel market. The ongoing development and adoption of high-nickel cathode materials in EV batteries are expected to be a major catalyst for market expansion throughout the forecast period. Recent developments include: August 2022: NMDC Ltd. announced its decision to explore opportunities overseas in a bid to mine lithium, nickel, and cobalt in order to meet the growing demand in India. The state-run iron-ore producer is planning to start mining in Australia, as it holds a 90.02% stake in the country's Legacy Iron Ore Ltd., December 2021: Mitsui & Co. Mineral Resources Development (Asia) Corp. (MMRDA) and Sojitz will sell all their shares in CBNC (36% in total to Sumitomo Metal Mining Co. Ltd (SMM). With the sales of the shares, SMM's shareholding ratio in CBNC will increase from the current 54% of the outstanding shares to 90%., October 2021: Renault Group announced the signing of a Memorandum of Understanding (MoU) with Terrafame, for a future supply of nickel sulphate. With this agreement, Renault Group will secure a significant annual supply of nickel sulphate from Terrafame, representing up to 15 GWh of annual capacity., In July 2021: BHP announced the signing of a nickel supply agreement from its Nickel West asset in Western Australia, with one of the world's leading sustainable energy company, Tesla Inc.. Key drivers for this market are: Rising Demand for Corrosion Resistant Alloys in the Oil and Gas Industry, Other Drivers. Potential restraints include: Rising Demand for Corrosion Resistant Alloys in the Oil and Gas Industry, Other Drivers. Notable trends are: Increasing Demand for Stainless Steel.

The nickel acetate market is projected to register a CAGR of 4% during the forecast period, up from US$ 52 Bn in 2021 to reach a valuation of US$ 80 Bn by 2032.

Report Attribute	Details
Estimated Base Year Value (2021)	US$ 52 Billion
Expected Market Value (2022)	US$ 54 Billion
Anticipated Forecast Value (2032)	US$ 80 Billion
Projected Growth Rate (2022 to 2032)	4% CAGR

Scope Of Report

Report Attribute	Details
Growth rate	CAGR of 4% from 2022 to 2032
Base year for estimation	2021
Historical data	2015 to 2020
Forecast period	2022 to 2032
Quantitative units	Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032
Report coverage	Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors and trends, Pricing Analysis
Segments covered	Product form, purity, application, region
Regional scope	North America; Western Europe; Eastern Europe; Middle East; Africa; ASEAN; South Asia; Rest of Asia; Australia and New Zealand
Country scope	USA, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, Iran, South Africa
Key companies profiled	AGC Inc.; Cevital Group; Euroglas; Guardian Industries; Saint-Gobain; Sisecam Group; Vitro
Customization scope	Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail of customized purchase options to meet your exact research needs.

Cobalt traded flat at 33,335 USD/T on July 17, 2025. Over the past month, Cobalt's price has remained flat, but it is still 25.20% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Cobalt - values, historical data, forecasts and news - updated on July of 2025.

The Czech nickel market surged to $X in 2021, increasing by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

The statistic shows the export value of nickel ores and concentrates (HS Code 2604) from Russia from January 2021 to November 2023. According to data provided by Abrams.Wiki, in November 2023, Russia exported nickel ores and concentrates valued at approximately ************* U.S. dollars.

LME Index rose to 4,269.90 Index Points on July 22, 2025, up 0.51% from the previous day. Over the past month, LME Index's price has risen 2.72%, and is up 9.48% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. LME Index - values, historical data, forecasts and news - updated on July of 2025.

China was the world's leading nickel ore importing country based on value in 2022, with imports amounting to 2.96 billion U.S. dollars. The second-largest nickel ore importer that year was Canada, with a distant 527 million U.S. dollars worth of imports.

United States - Producer Price Index by Industry: Copper, Nickel, Lead and Zinc Mining: Primary Products was 454.65200 Index Dec 2003=100 in June of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Copper, Nickel, Lead and Zinc Mining: Primary Products reached a record high of 486.50000 in May of 2021 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 Industry: Copper, Nickel, Lead and Zinc Mining: Primary Products - last updated from the United States Federal Reserve on July of 2025.

In 2021, the Canadian nickel market increased by X% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Nickel consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

China's primary nickel consumption in 2023 accounted for a 62 percent share of the total global consumption. In that year, Europe, Africa, and the Middle East combined consumed 11 percent of the primary nickel worldwide.

The stainless steel industry accounted for around two million metric tons of primary nickel consumption worldwide in 2023, thus making it the leading consuming sector of primary nickel globally. Battery applications accounted for 465,000 metric tons of primary nickel consumption that year.