Nickel Price OutlookNickel prices continued to increase at the start of February following an upturn in January. On 9 February, nickel was trading at USD 12,933 per metric ton, which was 2.3% higher than on the same day in January. The price was up 1.8% on a year-to-date basis and was 26.4% higher than on the same day of last year. Favorable supply and demand dynamics continue to yield price gains for the base metal. Robust demand from China’s stainless steel sector, a major consumer of nickel, is lending support to prices, along with higher import duties in China. Environmental regulations have shut down capacity within the country, causing nickel imports to surge. Supply shortages are also exerting upward pressures on prices. Mine closures due to alleged environmental violations in the Philippines—one of the top producers of nickel ore globally—have led to a tighter global supply. A weaker dollar has also aided the jump in prices, spurring higher demand for base metals. Recent reports suggest that prices could weaken going forward, however, as some of China’s stainless steel mills are making losses at current prices and have started winding down their operations.
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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