Nickel Price OutlookNickel prices hit their highest level in over two years on 1 November, rallying in the double-digits on expectations of a growing shortage and higher demand for stainless steel in China and electric vehicles. On 3 November, nickel was trading at USD 12,682 per metric ton, which was up 20.4% from the same day in October. The price was 27.3% higher on a year-to-date basis and was up 21.5% from the same day of last year. On the demand side, prices have surged in response to expectations of growing demand from the automobile industry for the production of electric and hybrid vehicles, in which nickel is used in the electric batteries. Market analysts are forecasting an uptick in electric vehicle demand amid buoyant global growth and stricter environmental regulations in many developed countries. Furthermore, Chinese nickel consumption for stainless steel production has accelerated this year and is expected to continue growing in 2018.
Nickel Price History Data (USD per metric ton, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Nickel Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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