Nickel Price OutlookNickel prices traded lower in recent weeks, retreating from the second quarter’s three-year high as alloy manufacturers reduced their exposure amid lower demand. Moreover, concerns continued to mount over deteriorating global trade relations and longer-term prospects out of China. On 3 August, nickel traded at USD 13,456 per metric ton, which was down 6.3% from the same day a month earlier. Overall, a resilient global economy and heavy stainless steel output are keeping nickel prices high; the price on 3 August was 5.9% higher on a year-to-date basis and was up 30.2% from the same day last year. Nickel has been one of the few metals to have seen price gains in the year to date amid shrinking inventories and constrained supply. That said, July’s losses came about as the nascent U.S.-China trade war escalated in the wake of fresh tariffs coming into effect stateside on Chinese-originating goods, intensifying fears of an impending slowdown in global trade. Anxieties over the health of the Chinese economy fueled further losses in the month. Although prices saw a modest recovery in late July, weaker demand cues from alloy manufacturers worldwide prevented any substantial gains from materializing. Anticipated supply deficits over the coming years, as well as surging demand from electric vehicle (EV) battery manufacturers, managed to cushion prices somewhat.
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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