Nickel Prices

Nickel prices averaged USD 15,350 per metric ton in May, up 1.4% from April. On 30 May, the commodity traded at USD 15,041 per metric ton, down 1.2% from 30 April.

Prices edged up in May as the U.S. and China agreed to lower reciprocal tariffs for a 90-day period, while they work on a trade deal. However, nickel prices remained at one of their lowest levels in the past five years due to a widening market surplus. This price slump trickled down to stainless steel prices—nickel’s main application—and recently drove major Chinese producer Tsingshan Holding Group to reduce output in Indonesia.