Nickel Price and Forecast Trends

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Price change

Historical prices

What nickel is and how it is used

Nickel (chemical symbol Ni) is a white, malleable metal with a silvery-white colour. It has a strong lustre. Nickel oxidises very slowly at room temperature and is therefore considered corrosion-resistant.

Historically, nickel was used to plate iron and brass, coat chemical equipment and produce alloys that retain a bright silvery lustre. Today, its main uses include corrosion-resistant coatings and steel production, which is particularly important to the construction and automotive industries. Electric vehicle battery manufacturers have also become major consumers.

Global nickel production

According to 2024 data, approximately 3.7 million metric tonnes of nickel were produced worldwide. Indonesia is by far the dominant producer, accounting for roughly 60 per cent of global output. The Philippines and Russia follow at a considerable distance. The rapid expansion of Indonesian production in recent years has significantly reshaped the entire market.

Historical nickel price trends

Like the price of aluminium, the price of nickel is usually quoted in US dollars (USD) per tonne of metal (1,000 kg).

Reliable metal price data is available from around 1993 onwards. Since then, nickel has experienced several volatile cycles, which we will examine in more detail.

The metal went through several smaller fluctuations during the ten years following 1993. Its price ranged between USD 3,300 and USD 9,300. The first major recorded price boom then began in spring 2006. Over approximately 13 months, the price climbed from USD 15,000 to its previous record high of USD 49,000.

This price bubble burst with the onset of the economic recession in 2007. By the end of that year, nickel cost around USD 28,000 before falling to what were then record lows during the following year. The price per tonne was approximately USD 10,000.

A relatively sharp increase can also be seen between 2008 and 2011. The price peaked at USD 28,000 in 2011. A downward trend followed, with a local low of USD 8,500 in early 2016.

The most dramatic event occurred in March 2022. Due to the war in Ukraine and a short squeeze, the price surged above USD 100,000 per tonne within a few hours. The move was so extreme that the London Metal Exchange (LME) cancelled the trades made at the time. Once the market had stabilised, the average price in 2022 settled at around USD 25,000.

A prolonged decline then followed. The main cause was overproduction in Indonesia, which flooded the market with cheap metal. In 2025, the price fell to lows of around USD 15,000 per tonne. A modest recovery towards USD 17,000 followed in 2026.

Future outlook for nickel prices

When this article was updated in July 2026, the price of a tonne of nickel was around USD 17,000. The market is still dealing with excess supply from Indonesia, which is keeping the price low.

From a technical analysis perspective, nickel is close to its multi-year lows. The 2025 low of around USD 15,000 provides strong support. For the trend to turn upwards, either demand would need to recover or Indonesia would have to reduce production.

Developments in electric vehicle batteries are also affecting demand. Some manufacturers are switching to nickel-free LFP battery chemistry, which is reducing demand for nickel. We must acknowledge that under these conditions, the scope for significant price growth is rather limited.

Please note that this is not investment advice, but the personal opinion of the article’s author.

How to trade nickel

Nickel is currently usually traded in non-physical form. The first option is to invest through futures contracts. The investor buys a financial instrument that entitles them to settlement of the asset at a predetermined time. This settlement is most commonly determined by the contract’s expiry month.

The second non-physical investment option is a CFD, through which the investor speculates on whether the current price of nickel will rise or fall. It is a contract with a broker, now most commonly offered and entered into online. You buy the commodity, in this case nickel, from the broker at a certain price. You then decide when to close the contract and receive the resulting payment. The broker has agreed to pay the investor the difference between the selling and purchase prices.

Physical investment in nickel is virtually impossible unless, for example, the investor processes this metal and owns a facility that handles metals of this type. This option is almost inaccessible to ordinary retail investors.

What affects nickel prices

The automotive and construction industries account for a large share of nickel demand. Nickel is added to steel to improve the properties of the alloy. When demand for steel products and structures is high, demand for nickel will also increase, which may cause its price to rise.

Indonesia now plays the leading role on the supply side. Its high production levels are keeping global prices lower. This is why developments in Indonesian production are among the most important factors to monitor in the nickel market.