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.

During the last quarter of 2024, the nickel prices in the USA reached 21688 USD/MT (H2 2024 Avg Price) in December. As per the nickel price chart, the prices fell by around 0.92% compared to the same quarter last year. The demand for nickel from various downstream sectors, including stainless steel production and the electric vehicle (EV) battery industry, is influencing the prices.

Explore IMARC’s newly published report, titled “Nickel Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of nickel pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

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.

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 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 Mines stock price, live market quote, shares value, historical data, intraday chart, earnings per share and news.

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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

The global nickel market size was valued at USD 37.0 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 55.5 Billion by 2033, exhibiting a CAGR of 4.6% during 2025-2033. Asia Pacific currently dominates the market, holding a significant market share of over 72.0% in 2024. Rapid technological advancements and innovation, favorable government policies and regulations, burgeoning investments in infrastructure and development projects, and the rising demand for stainless steel products are some of the major factors propelling the market.

IMARC Group provides an analysis of the key trends in each segment of the global nickel market report, along with forecasts at the global, regional and country levels from 2025-2033. Our report has categorized the market based on product type, application and end-use industry.

Learn how commodity news services and analytical tools can offer insights into price charts and trends, essential for businesses and investors in the metal markets.

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.

In 2021, the Indian nickel market increased by X% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, the total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Explore the Nickel Market trends! Covers key players, growth rate 9.1% CAGR, market size $60.69 Billion, and forecasts to 2034. Get insights now!

United States - Producer Price Index by Industry: Copper, Nickel, Lead and Zinc Mining: Copper Ore and Nickel Ore was 321.00000 Index Dec 2003=100 in September of 2020, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Copper, Nickel, Lead and Zinc Mining: Copper Ore and Nickel Ore reached a record high of 484.50000 in July of 2011 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: Copper Ore and Nickel Ore - last updated from the United States Federal Reserve on March of 2025.

The size and share of the market is categorized based on Type (Ni 9999, Ni 9996, Ni 9990, Ni 9950, Ni 9920) and Application (Stainless Steel, Alloy, Electroplated Steel, Other) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

The Global Nickel Market is expected to reach at a CAGR of 5.5% during the forecast period 2024-2031 | DataM Intelligence

The global nickel market is estimated to grow from USD 30.81 billion in 2024 to USD 64.43 billion by 2035, representing a higher CAGR of 6.94% during the forecast period.

Refined Nickel Market size was valued at USD 42.77 Billion in 2024 and is projected to reach USD 74.08 Billion by 2031, growing at a CAGR 7.5% during the forecasted period 2024 to 2031.

Global Refined Nickel Market Drivers

Growing Need from the Stainless Steel Sector: Refined nickel is a vital ingredient in the creation of stainless steel, which is widely utilized in a number of sectors, including manufacturing, automotive, aerospace, and construction. Refined nickel is in high demand because to the growing need for stainless steel goods brought on by infrastructural expansion, urbanization, and industrialization.

Growing the Uptake of Electric Cars (EVs): An crucial component in the production of batteries for electric cars (EVs) is refined nickel. The demand for nickel in EV batteries is predicted to rise significantly due to the global movement towards sustainable transportation and the promotion of EV adoption by governments worldwide in an effort to reduce greenhouse gas emissions.

Infrastructure Development and Urbanization: The demand for refined nickel is driven by projects involving infrastructure development and urbanization, especially in emerging nations. Refined nickel use has increased as a result of the usage of alloys containing nickel in building materials, infrastructure parts, and transportation infrastructure.

Industrial Growth and Manufacturing Activities: The demand for refined nickel is driven by the expansion of manufacturing sectors, especially in industries like electronics, machinery, and aerospace. Because of their excellent strength, resistance to corrosion, and thermal stability, nickel alloys are a good choice for a wide range of industrial applications.

Technological Developments in the Production of Nickel: Technological developments in the extraction, refining, and mining of nickel have boosted production efficiency, decreased costs, and expanded the supply of refined nickel. Technological advancements in recycling, bioleaching, and hydrometallurgical processes all support market expansion.

Growing Need from Chemical sector: Catalysts, pigments, and specialty chemicals are among the products made using refined nickel in the chemical sector. Refined nickel demand is boosted by the growing chemical manufacturing industry, which is fueled by the need for petrochemicals, polymers, and specialty chemicals.

Growth of the Renewable Energy Sector: Refined nickel is utilized in the production of parts for solar panels, wind turbines, and battery energy storage systems (BESS). Refined nickel demand is being driven by the global push towards renewable energy adoption, which is being driven by government incentives and worries about climate change.

Applications in Aerospace and Defense: Because of their excellent strength, resistance to corrosion, and ability to withstand high temperatures, alloys based on nickel are frequently utilized in aerospace and defense applications. The demand for refined nickel is increased by the expansion of the aerospace and defense industries, which is fueled by rising defense budgets, space exploration programs, and commercial aerospace operations.

Transition to Sustainable Packaging Solutions: Metal cans, foils, and laminates are among the packaging materials made from refined nickel. The market is growing as a result of consumers’ growing preference for recyclable and environmentally friendly packaging options, which increases demand for packaging materials containing nickel.

The size and share of the market is categorized based on Type (High Purity, General) and Application (Industrial, Organic Synthesis, Others) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Tanzania Exports of nickel was US$12.19 Thousand during 2023, according to the United Nations COMTRADE database on international trade. Tanzania Exports of nickel - data, historical chart and statistics - was last updated on March of 2025.