Nickel Price Chart

Nickel Price Trend, Index and Forecast

Track the latest insights on nickel price trend and forecast with detailed analysis of regional fluctuations and market dynamics across North America, Latin America, Central Europe, Western Europe, Eastern Europe, Middle East, North Africa, West Africa, Central and Southern Africa, Central Asia, Southeast Asia, South Asia, East Asia, and Oceania.

Nickel Prices Outlook Q1 2025

• USA: US$ 20900/MT
• China: US$ 17880/MT
• Indonesia: US$ 16500/MT
• Japan: US$ 15200/MT
• South Africa: US$ 16300/MT

Nickel Price Chart

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During the first quarter of 2025, the nickel prices in the USA reached 20900 USD/MT in March. As per the nickel price chart, the US-China trade dispute and the possibility of new tariffs, especially on Chinese goods, created uncertainty and made markets more volatile, further impacting nickel prices. Besides, the appreciation of the US dollar raised nickel prices for foreign purchasers, leading to a decline in demand.

During the first quarter of 2025, the nickel prices in China reached 17880 USD/MT in March. The region's rich natural reserves, political instability, inconsistent regulations, infrastructure challenges, and logistical inefficiencies caused a volatile pricing environment. Besides, demand for stainless steel in the housing sector and slower growth in home appliances also led to overall decreased nickel demand.

During the first quarter of 2025, the nickel prices in Indonesia reached 16500 USD/MT in March. Prices in Indonesia saw fluctuations due to a combination of factors, including a slowdown in production growth, concerns about US tariffs, and the impact of a new Indonesian nickel product royalty policy. Moreover, weakening demand from the stainless steel and battery sectors also contributed to nickel's price changes. 

During the first quarter of 2025, the nickel prices in Japan reached 15200 USD/MT in March. Prices in Japan saw a mix of gains and losses, primarily influenced by global supply dynamics and the ongoing nickel market surplus. While prices initially rose at the start of the year, they later dipped due to persistent supply pressure and sluggish demand. 

During the first quarter of 2025, the nickel prices in South Africa reached 16300 USD/MT in March. Despite initial decline, South African producers benefited from a temporary price rebound in March, driven by increased demand from battery manufacturers for electric vehicles.

Nickel Prices Q4 2024

• USA: US$ 21688/MT
• China: US$ 19408/MT

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.

In Q4 2024, the nickel prices in China reached 19408 USD/MT (H2 2024 Avg Price) in December. As per the nickel price chart, the prices witnessed a fall of 4.98% as compared to December 2023. Changes in Indonesian production levels, export policies, and mining quotas had a direct impact on Chinese nickel supply and prices.

Nickel Prices H2 2023

• USA: US$ 21890/MT
• China: US$ 20427/MT

In the second half of 2023, the average price for nickel in the USA was 21890 USD/MT.

In China, the average price for nickel touched 20427 USD/MT during the second half of 2023.

Regional Coverage

The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the nickel price trend.

Global Nickel Price Trend

The report offers a holistic view of the global nickel pricing trends in the form of nickel price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price levels but also provides insights into historical price of nickel, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed nickel demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Nickel Price Trend

Q1 2025:

As per the nickel price index, prices in Europe experienced fluctuations due to a complex interplay of factors, including supply-demand imbalances, economic uncertainty, and shifting global policies. The global nickel market faced an oversupply, leading to a brief price increase at the start of the year, followed by a decline due to ongoing supply pressure and sluggish demand, which also influenced the pricing environment in Europe. This was further compounded by competition for nickel across industries, including the steel industry, where it's used as a hardener, and the electronic component industry, where it's a critical electrode material.

Q4 2024:

Due to a global oversupply of nickel, which is mostly caused by increased production from Indonesia, and slower demand from the electric vehicle market as a result of factors like economic uncertainty and competition from less expensive lithium iron phosphate (LFP) batteries, nickel prices in Europe were fluctuating in Q4 2024. This mismatch between supply and demand was further exacerbated by geopolitical tensions and shifting global economic conditions.

Detailed price information for nickel can also be provided for an extensive list of European countries.

North America Nickel Price Trend

Q1 2025:

Potential tariffs on Chinese goods, including those related to nickel production, added uncertainty to the market, influencing the demand. Besides, worries about recession and slower global economic growth led to weaker industrial demand for nickel, further pushing prices. Moreover, a strengthening US dollar made nickel less affordable for buyers using other currencies, impacting pricing trends. 

Q4 2024:

Improvements in extraction and processing techniques aimed to reduce costs and enhance efficiency influenced pricing in the region. Besides this, policies, particularly those involving major trade partners like Canada, heavily influenced nickel supply chains and pricing structures. Moreover, geopolitical events, such as trade tensions and sanctions, disrupted nickel supply chains and created price volatility.

Specific nickel historical data within the United States and Canada can also be provided.

Middle East and Africa Nickel Price Trend

Q1 2025:

As per the nickel price chart, prices in the Middle East experienced a fluctuating trend, initially showing a brief uptick before facing pressure from oversupply and sluggish demand. Besides, South African nickel producers experienced a temporary price rebound, primarily driven by increased demand from battery manufacturers for electric vehicles.

Q4 2024:

The report explores the nickel pricing trends and nickel price index in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Nickel Price Trend

Q1 2025:

Indonesia, accounting for major global nickel output, had a slowdown in production growth, leading to a refined nickel oversupply. Besides, Indonesia's nickel royalty policy, which dynamically adjusts royalties based on the benchmark price HMA, also contributed to price volatility. Moreover, the battery sector, a significant consumer of nickel, saw a shift towards LFP batteries in China, reducing the demand for nickel-rich NMC batteries. 

Q4 2024:

In Q4 2024, the sheer volume of nickel coming from Indonesia created an oversupply situation, placing downward pressure on prices. Moreover, fluctuations in Chinese economic growth, industrial activity, and EV sales directly affected nickel demand and prices. Besides this, broader economic trends, including inflation, interest rates, and geopolitical tensions, influenced investor sentiment and commodity prices.

This nickel price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Nickel Price Trend

Q1 2025:

Latin America's nickel market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in nickel prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, the nickel price index, economic fluctuations, and currency devaluation are critical factors that need to be considered when analyzing nickel pricing trends in this region.

This comprehensive review can be extended to include specific countries within Latin America.

Nickel Price Trend, Market Analysis, and News

IMARC's latest publication, “Nickel Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” presents a detailed examination of the nickel market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of nickel at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed nickel price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting nickel pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Nickel Industry Analysis

The global nickel market size reached 3.68 Million Tons in 2024. By 2033, IMARC Group expects the market to reach 4.5 Million Tons, at a projected CAGR of 2.09% during 2025-2033.

• The stainless-steel industry is embracing nickel as a key alloying element to enhance the strength, corrosion resistance, and durability of its items. The imports of stainless-steel products in the United States averaged USD 285133.47 thousand from 2000 until 2024. Globally, its market has been growing at a rapid pace of 5.34%. It is also expected that by 2032, the market for stainless steel will touch US$ 251.8 billion. There is also a hike in demand for stainless steel in various sectors, including construction, automotive, and consumer goods, which is further driving the application of nickel.
• Additionally, the increasing adoption of this metal as a key component in the cathode of rechargeable lithium-ion batteries that are majorly used in electric vehicles (EVs), is fostering the market expansion. Governments and consumers have been increasingly prioritizing on reducing greenhouse gas (GHG) emissions and their dependence on fossil fuels, thereby increasing the use of EVs as transportation sources. In China, efforts are being made for the transition that involves increasing EV sales from less than 1 million in 2019 to more than 20 million per year by 2035, and the associated annual battery production to increase by at least a factor of 30. This, in turn, has been driving the demand for nickel in the battery sector.
• Infrastructure development projects, like transportation networks, urban development, and industrial facilities, are also increasing the demand for nickel. This product is extensively used in creating stainless steel reinforcement bars, which are important components in construction projects. Developing countries across the globe are experiencing population growth, increased urbanization, and rising standards of living, which are creating the demand for infrastructure. For example, in India, the capital expenditure budget for infrastructure increased by 11.1% to Rs.11.11 lakh crore (US$ 133.86 billion), or 3.4% of GDP in 2024-2025. Between April 2000 and December 2023, foreign direct investment (FDI) in the construction development and infrastructure activity sectors totaled $26.54 billion and $33.52 billion, respectively.

Nickel News

The report covers the latest developments, updates, and trends impacting the global nickel industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in nickel production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the nickel price trend.

Latest developments in the nickel industry:

• In November 2023, Eramet, the French mining and metallurgy company, announced that it would spend USD 2 billion on expanding its nickel and lithium production to meet the rising demand for electric vehicles. The company had plans to increase its Ni and Li production capacity by 50% and 90% in the same year.
• In June 2023, Rolled Alloys Inc. received a new certification, ISO 9001:2015/AS 9100:D, for its quality management system. This certification is specifically for the company's manufacturing and distribution of heavy metals mill products made from stainless steel and nickel alloys.

Product Description

Nickel is a silvery-white metal that belongs to the transition series in the periodic table. It is known for its high corrosion resistance, toughness at low temperatures, and ability to alloy with other metals. It is available in various types, such as pure nickel, nickel alloys, and nickel compounds. The product is manufactured using various materials, including nickel sulfides, nickel oxides, and nickel matte. This metal finds extensive applications across several sectors, such as stainless-steel manufacturing, electroplating, batteries, electric vehicles (EVs), aerospace alloys, and chemical industries.

Nickel offers numerous benefits, such as its durability, high melting point, electrical conductivity, and magnetic properties. It is also lauded for its various advantages, like enhancing product longevity, improving energy efficiency, and supporting sustainable development through recyclability.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of nickel pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
• The study examines factors affecting nickel price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The nickel price charts ensure our clients remain at the forefront of the industry.