Nickel Price Trend

Nickel Prices H2 2023

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.

Nickel Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Nickel Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” 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.

It encompasses an in-depth review of spot price of nickel at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of nickel price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing nickel price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Nickel Market Analysis

The global nickel market size reached 3.6 million tons in 2023. By 2032, IMARC Group expects the market to reach 4.38 million tons, at a projected CAGR of 2.20% during 2023-2032.

• 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 market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, 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.  

Regional Coverage

The report provides a detailed analysis of the nickel 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 ex-works, FOB, and CIF prices, as well as the key factors influencing the nickel price trend. 

Global Nickel Price

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 of nickel but also provides insights into historical price trends, 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

Europe's nickel pricing trends are deeply affected by its stringent environmental regulations and the push towards sustainable and recycled materials. The automotive and aerospace industries in Europe, which demand high-quality specialty metals, further complicate the pricing landscape. Energy costs and the availability of renewable energy sources also significantly influence nickel production costs. Additionally, the region's dependency on nickel imports, coupled with fluctuating currency values, adds another layer of complexity to understanding price trends in this market.

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

North America Nickel Price

In North America, nickel prices are closely tied to technological advancements in extraction and processing techniques, which aim to reduce costs and enhance efficiency. The region's emphasis on defense and technology sectors, which require precise and high-grade metals, drives demand variability. Furthermore, trade policies, particularly those involving major trade partners like Canada and Mexico, heavily influence nickel supply chains and pricing structures. The shift towards green energy and electric vehicles in North America also affects demand patterns for metals.

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

Middle East and Africa Nickel Price

The nickel pricing trends in the Middle East and Africa are increasingly impacted by infrastructural developments and investments in the construction and transportation sectors. The region’s political climate and its effect on operational stability and security are also crucial in determining price trends. Additionally, the Middle East's strategic initiatives to diversify away from oil dependency and invest in mining and metal production capabilities are reshaping its market dynamics. In Africa, the availability of resources combined with foreign investment in mining projects heavily influences local and global nickel supply and prices.

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

Asia Pacific Nickel Price

In the Asia Pacific region, nickel pricing dynamics are significantly influenced by robust industrial growth and expanding manufacturing sectors, particularly in China and India. The region's high demand for metals is driven by its active construction industry and increasing investments in infrastructure projects. However, supply disruptions due to geopolitical tensions and regulatory changes in mining practices also play a critical role in shaping price fluctuations. Additionally, trade policies and import-export tariffs continue to impact the cost structures and availability of nickel, making the Asia Pacific market a complex environment for price trend analysis.

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

Latin America Nickel Price

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, 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.

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 ex-works, FOB, and CIF prices.
• The study examines factors affecting nickel price trend, including 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.