Nickel Price OutlookNickel prices regained the ground that was lost in November amid reports of a mismatch in demand and supply. On 12 January, nickel was trading at USD 12,684 per metric ton, which was 15.2% higher than on the same day in December. However, the price was down 0.2% on a year-to-date basis and was 24.1% higher than on the same day of last year. The price gains seen in December extended into January as the market tightened. Higher stainless steel production is supporting demand for nickel, which is used in its production. Meanwhile, higher import duties on nickel in China are also pushing up prices. More fundamentally, supply shortages are keeping prices afloat. Low stock levels and disrupted supply is leading to tightness in the market. Four nickel mines in the Philippines, a key producer of the commodity, remain closed, and Sumitomo Corporation suspended operations at a mine in Madagascar following a cyclone on 5 January. However, prices could come down going forward: Indonesia increased its export permit allowance, and the mining commission on the Philippines could lift the ban on open-pit mining. As a result, the supply-demand mismatch would become smaller, driving prices lower.
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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