Nickel Price OutlookAfter hovering at over five-year highs in September and early October, nickel prices retreated thereafter. On 1 November, nickel traded at USD 16,799 per metric ton, which was 3.6% lower than on the same day in October. However, the price was 43.4% higher than on the same day a year ago and was up 58.4% on a year-to-date basis. A gloomy global economic backdrop and signs of softening demand for stainless steel, which is nickel’s end-use product, put downward pressure on prices recently. Uncertainty surrounding progress in trade talks between the world’s two largest economies; slowing momentum in China, where both goods exports and imports tumbled in September; and increased global economic risks, despite widespread looser monetary conditions, have weighed on base metal prices—including those for nickel. This, coupled with increased concerns over easing demand in the stainless-steel industry, have suppressed prices. Notably, there is also emerging uncertainty among market participants over nickel’s price trajectory amid a disconnect between the backdrop of waning steel demand and a shrinking deficit in the nickel market, and the recent price surge that was sparked by Indonesia bringing forward its nickel ore export ban from 2022 to 2020. While some see it as the beginning of even higher prices, others see a correction and even sharper pullback ahead.
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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