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Nickel rose to 15,230 USD/T on June 27, 2025, up 0.53% from the previous day. Over the past month, Nickel's price has risen 0.89%, but it is still 11.92% 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 June of 2025.
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In September 2022, the nickel ore price stood at $87.8 per ton (CIF, China), falling by -6.4% against the previous month.
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.
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.
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In 2023, after two years of decline, there was significant growth in purchases abroad of nickel ores and concentrates, when their volume increased by 42% to 1.8K tons.
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Graph and download economic data for Producer Price Index by Industry: Copper, Nickel, Lead and Zinc Mining: Copper Ore and Nickel Ore (PCU2122302122304) from Dec 2003 to Sep 2020 about zinc, lead, nickel, ore, copper, mining, metals, PPI, industry, inflation, price index, indexes, price, and USA.
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In December 2024, the average nickel ore export price amounted to $1,737 per ton, therefore, remained relatively stable against the previous month.
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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 June of 2025.
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Nickel Mines stock price, live market quote, shares value, historical data, intraday chart, earnings per share and news.
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Stay updated with Market Research Intellect's Nickel Ore Market Report, valued at USD 34.5 billion in 2024, projected to reach USD 55.2 billion by 2033 with a CAGR of 6.5% (2026-2033).
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In 2023, overseas purchases of nickel ores and concentrates decreased by -99.9% to 7 tons, falling for the second consecutive year after two years of growth.
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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.
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For the fourth year in a row, the United States recorded growth in overseas shipments of nickel ores and concentrates, which increased by 78% to 74K tons in 2023.
This statistic depicts the average monthly prices for nickel from January 2014 through January 2025. In January 2025, the average monthly price for nickel stood at ********* nominal U.S. dollars per metric ton.
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For the third consecutive year, Malaysia recorded decline in purchases abroad of nickel ores and concentrates, which decreased by -39.7% to 20 tons in 2023.
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BASE YEAR | 2024 |
HISTORICAL DATA | 2019 - 2024 |
REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
MARKET SIZE 2023 | 44.13(USD Billion) |
MARKET SIZE 2024 | 45.66(USD Billion) |
MARKET SIZE 2032 | 60.0(USD Billion) |
SEGMENTS COVERED | Type, Application, Process, End Use, Regional |
COUNTRIES COVERED | North America, Europe, APAC, South America, MEA |
KEY MARKET DYNAMICS | growing electric vehicle demand, fluctuating nickel prices, regulatory environmental challenges, mining production costs, geopolitical supply chain risks |
MARKET FORECAST UNITS | USD Billion |
KEY COMPANIES PROFILED | Nickel Asia Corporation, Sumitomo Metal Mining, Indonesian Mining Company, RNC Minerals, Eurasian Resources Group, BHP, Vale, Norilsk Nickel, Western Areas, China Molybdenum, Shenzhen Zhenhua ETechnology, FNI, PT Aneka Tambang, Glencore |
MARKET FORECAST PERIOD | 2025 - 2032 |
KEY MARKET OPPORTUNITIES | Rising demand for electric vehicles, Increasing industrial applications, Expansion in battery technology, Growing renewable energy sector, Emerging markets' infrastructure developments |
COMPOUND ANNUAL GROWTH RATE (CAGR) | 3.47% (2025 - 2032) |
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The global nickel mining market is experiencing robust growth, driven by increasing demand from the burgeoning electric vehicle (EV) battery sector and other strategic industries. While precise market size data for the base year is not explicitly provided, considering typical market sizes for similar metal mining sectors and the mentioned CAGR, a reasonable estimate for the 2025 market size would fall within the range of $20-25 billion USD. Assuming a conservative CAGR of 5% (a figure often observed in commodity markets with cyclical demand), the market is projected to reach a value between $26-31 billion by 2030. This growth is fueled by several key factors. The escalating adoption of EVs necessitates large quantities of nickel for battery production, significantly bolstering demand. Furthermore, the sustained growth in aerospace and military applications, which rely on nickel's unique properties for high-performance materials, contributes to market expansion. While supply chain disruptions and fluctuating commodity prices pose challenges, the long-term outlook for nickel mining remains positive, largely due to the consistent and accelerating demand from the renewable energy and technology sectors. Several geographic regions are expected to lead in nickel mining production and consumption. North America, with its established mining infrastructure and close proximity to major consumer markets, will maintain a significant presence. Asia-Pacific, specifically China and Indonesia, will likely continue to dominate global production given their abundant reserves and substantial investments in mining operations. Europe, although having less raw material, will witness increased demand due to the region's focus on transitioning to a green economy, increasing reliance on EVs, and significant manufacturing sectors. The competition among major players like Vale, MMC Norilsk Nickel, Glencore, Jinchuan, and BHP Billiton will intensify as they strive to secure market share within this expanding sector. Strategic alliances, technological advancements in extraction methods and resource management, and environmentally sustainable mining practices will be crucial determinants of success in the coming years.
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In December 2024, the average nickel ore import price amounted to $79.7 per ton, shrinking by -11.7% against the previous month.
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Nickel Mines reported $743.92M in Current Assets for its fiscal semester ending in December of 2024. Data for Nickel Mines | NIC - Current Assets including historical, tables and charts were last updated by Trading Economics this last June in 2025.
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
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Nickel rose to 15,230 USD/T on June 27, 2025, up 0.53% from the previous day. Over the past month, Nickel's price has risen 0.89%, but it is still 11.92% 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 June of 2025.